FHFA Quarterly HPI - Federal Housing Finance Agency

FEDERAL HOUSING FINANCE AGENCY

NEWS RELEASE For Immediate Release August 22, 2017

Contact:

Corinne Russell Stefanie Johnson

(202) 649-3032 (202) 649-3030

U.S. House Prices Rise 1.6 Percent in Second Quarter Washington, D.C. – U.S. house prices rose 1.6 percent in the second quarter of 2017 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 6.6 percent from the second quarter of 2016 to the second quarter of 2017. FHFA’s seasonally adjusted monthly index for June was up 0.1 percent from May. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has produced a video of highlights for this quarter. “U.S. house prices rose in nearly every state during the second quarter,” said FHFA Senior Economist William Doerner. “New home sales are climbing but, relative to the overall population, they still remain low from a historical perspective. The tight inventory is a major explanation for why house prices have been increasing every quarter over the last six years.” Significant Findings 

Home prices rose in 48 states and the District of Columbia between the second quarter of 2016 and the second quarter of 2017. The top five states in annual appreciation were: 1) Washington 12.4 percent; 2) Colorado 10.4 percent; 3) Idaho 10.3 percent; 4) Florida 9.4 percent; and 5) Utah 9.2 percent.



Among the 100 largest metropolitan areas in the U.S., annual price increases were greatest in the Seattle-Bellevue-Everett, WA (MSAD), where prices increased by 15.7 percent. Prices were weakest in New Haven-Milford, CT, where they rose by 0.1 percent.



Of the nine census divisions, the Pacific division experienced the strongest increase in the second quarter, posting a 2.6 percent quarterly increase and a 8.9 percent increase since the second quarter of last year. House price appreciation was weakest in the Middle Atlantic division, where prices rose 0.8 percent from the last quarter.

Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole are included on the following pages.

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Other Price Indexes Most statistics in the quarterly house price index report reference price changes computed by FHFA’s basic “purchase-only” HPI. In some cases, however, the reported statistics reference alternative price measures. FHFA publishes – and makes available for download – three additional house price indexes beyond the basic “purchase-only” series. Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows: 

“Distress-Free” house price index. Sales of bank-owned properties and short sales are removed from the purchase-only dataset prior to estimation of the index.



“Expanded-Data” house price index. Sales price information sourced from county recorder offices and from FHA-backed mortgages are added to the purchase-only data sample. This index is used annually to adjust the maximum conforming loan limits, which dictate the dollar amount of loans that can be acquired by Fannie Mae and Freddie Mac.



“All-Transactions” house price index. Appraisal values from refinance mortgages are added to the purchase-only data sample.

Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available. For individual states, for instance, three types of indexes are available. The various indexes tend to correlate closely over the long-term, but shortterm differences can be significant. Technical Note This quarter’s release packet includes a Technical Note describing a minor methodological adjustment to the way that FHFA’s “distress-free” indexes are estimated. The adjustment, which is described on pages 14-15, has a limited impact on the distress-free measures, which have been and continue to be developmental in nature. Background FHFA’s HPI tracks changes in average home prices by analyzing changes in home values for the individual properties. The underlying “repeat-transactions” methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. The purchase-only HPI uses sales price information from Fannie Mae- and Freddie Mac-purchased and Enterprise-guaranteed mortgages originated over the past 42 years. The purchase-only HPI is estimated with more than eight million repeat transactions. A video shows the basic methodology behind the FHFA HPI. Note  The next monthly HPI report (including data through July 2017) will be released September 21, 2017 and the next quarterly HPI report (including data for the third quarter of 2017) will be released November 28, 2017.  Future HPI release dates for 2017 and 2018 are available at https://www.fhfa.gov/hpi.  Follow @FHFA on Twitter, LinkedIn and YouTube for more HPI news. ### The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

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National Statistics

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FHFA Seasonally Adjusted House Price Index for U.S. Seasonally Adjusted, Purchase-Only HPI

1991Q2 - 2017Q2 Quarter

House Price Quarterly Appreciation

House Price Quarterly Appreciation Annualized

House Price Appreciation From Same Quarter One Year Earlier

2017Q2 2017Q1 2016Q4 2016Q3 2016Q2 2016Q1 2015Q4 2015Q3 2015Q2 2015Q1 2014Q4 2014Q3 2014Q2 2014Q1 2013Q4 2013Q3 2013Q2 2013Q1 2012Q4 2012Q3 2012Q2 2012Q1 2011Q4 2011Q3 2011Q2 2011Q1 2010Q4 2010Q3 2010Q2 2010Q1 2009Q4 2009Q3 2009Q2 2009Q1 2008Q4 2008Q3 2008Q2 2008Q1 2007Q4 2007Q3 2007Q2 2007Q1 2006Q4 2006Q3 2006Q2 2006Q1

1.62% 1.62% 1.62% 1.63% 1.34% 1.59% 1.57% 1.27% 1.39% 1.47% 1.34% 1.19% 0.92% 1.28% 1.12% 1.71% 2.14% 2.09% 1.59% 1.16% 1.76% 0.50% 0.16% 0.44% -0.74% -2.20% -0.98% -1.68% -0.44% -0.97% -0.07% -0.49% -1.42% -0.48% -2.94% -2.45% -2.77% -2.32% -1.76% -1.21% -0.22% 0.59% 0.51% 0.21% 0.73% 1.50%

6.46% 6.49% 6.48% 6.50% 5.36% 6.36% 6.29% 5.09% 5.57% 5.89% 5.37% 4.76% 3.69% 5.12% 4.48% 6.85% 8.54% 8.36% 6.37% 4.65% 7.03% 2.00% 0.66% 1.76% -2.96% -8.80% -3.93% -6.73% -1.77% -3.88% -0.29% -1.97% -5.67% -1.94% -11.74% -9.78% -11.08% -9.29% -7.04% -4.85% -0.90% 2.36% 2.05% 0.84% 2.92% 5.98% 4

6.64% 6.35% 6.32% 6.27% 5.90% 5.96% 5.84% 5.59% 5.51% 5.02% 4.82% 4.59% 5.13% 6.39% 7.25% 7.75% 7.16% 6.77% 5.10% 3.63% 2.89% 0.36% -2.33% -3.45% -5.49% -5.21% -4.02% -3.14% -1.97% -2.93% -2.45% -5.24% -7.10% -8.38% -10.07% -8.98% -7.83% -5.42% -2.60% -0.34% 1.09% 2.06% 2.97% 4.63% 7.14% 9.15%

FHFA Seasonally Adjusted House Price Index for U.S. Seasonally Adjusted, Purchase-Only HPI

1991Q2 - 2017Q2 Quarter

House Price Quarterly Appreciation

House Price Quarterly Appreciation Annualized

House Price Appreciation From Same Quarter One Year Earlier

2005Q4 2005Q3 2005Q2 2005Q1 2004Q4 2004Q3 2004Q2 2004Q1 2003Q4 2003Q3 2003Q2 2003Q1 2002Q4 2002Q3 2002Q2 2002Q1 2001Q4 2001Q3 2001Q2 2001Q1 2000Q4 2000Q3 2000Q2 2000Q1 1999Q4 1999Q3 1999Q2 1999Q1 1998Q4 1998Q3 1998Q2 1998Q1 1997Q4 1997Q3 1997Q2 1997Q1 1996Q4 1996Q3 1996Q2 1996Q1 1995Q4 1995Q3 1995Q2 1995Q1 1994Q4

2.13% 2.62% 2.62% 2.50% 2.46% 2.60% 2.50% 2.23% 2.27% 1.98% 1.61% 1.77% 2.00% 1.93% 1.84% 1.68% 1.56% 1.55% 1.61% 1.85% 1.75% 1.61% 1.68% 1.76% 1.53% 1.56% 1.49% 1.48% 1.63% 1.32% 1.41% 1.23% 1.09% 0.74% 0.85% 0.62% 0.57% 0.67% 0.68% 0.89% 0.59% 0.93% 0.53% 0.65% 0.51%

8.51% 10.46% 10.46% 9.99% 9.86% 10.39% 10.01% 8.94% 9.10% 7.90% 6.46% 7.08% 7.98% 7.73% 7.37% 6.72% 6.25% 6.18% 6.45% 7.39% 7.01% 6.43% 6.72% 7.03% 6.12% 6.22% 5.96% 5.90% 6.53% 5.26% 5.64% 4.92% 4.34% 2.95% 3.38% 2.47% 2.26% 2.69% 2.73% 3.57% 2.35% 3.71% 2.12% 2.59% 2.05%

10.23% 10.59% 10.57% 10.45% 10.16% 9.96% 9.30% 8.35% 7.86% 7.56% 7.52% 7.76% 7.66% 7.20% 6.80% 6.55% 6.73% 6.93% 7.00% 7.07% 6.98% 6.74% 6.69% 6.49% 6.19% 6.30% 6.05% 5.96% 5.71% 5.14% 4.54% 3.95% 3.32% 2.79% 2.73% 2.56% 2.84% 2.87% 3.13% 2.97% 2.72% 2.64% 2.34% 2.66% 2.92%

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FHFA Seasonally Adjusted House Price Index for U.S. Seasonally Adjusted, Purchase-Only HPI

1991Q2 - 2017Q2 Quarter

House Price Quarterly Appreciation

House Price Quarterly Appreciation Annualized

House Price Appreciation From Same Quarter One Year Earlier

1994Q3 1994Q2 1994Q1 1993Q4 1993Q3 1993Q2 1993Q1 1992Q4 1992Q3 1992Q2 1992Q1 1991Q4 1991Q3 1991Q2

0.63% 0.85% 0.90% 0.96% 0.74% 1.01% 0.03% 0.79% 0.87% -0.11% 1.19% 0.89% 0.18% 0.01%

2.51% 3.39% 3.61% 3.86% 2.98% 4.04% 0.14% 3.15% 3.47% -0.45% 4.74% 3.57% 0.73% 0.04%

3.38% 3.50% 3.67% 2.78% 2.60% 2.73% 1.58% 2.75% 2.86% 2.16% 2.28%

Source: FHFA

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FHFA House Price Index History for U.S. Seasonally Adjusted Price Change Measured in Purchase-Only Index

12.0% 10.0%

6.0% 4.0% 2.0% 0.0% -2.0%

-4.0% -6.0% -8.0%

Quarterly Change

Four-Quarter Change

-10.0%

Year-Quarter

Source: FHFA

7

2017Q1

2015Q4

2014Q3

2013Q2

2012Q1

2010Q4

2009Q3

2008Q2

2007Q1

2005Q4

2004Q3

2003Q2

2002Q1

2000Q4

1999Q3

1998Q2

1997Q1

1995Q4

1994Q3

1993Q2

-12.0%

1992Q1

Seasonally Adjusted Price Change

8.0%

House Price Appreciation Over Previous Four Quarters for U.S. Seasonally Adjusted, Purchase-Only Index 12% 10%

2%

2016Q2

4%

5.1%

5.9%

2015Q2

6%

5.5%

2014Q2

7.2%

6.6%

2.9% 1.1%

0% -2% -2.0% -4% -6%

-5.5%

-8%

-7.8%

-7.1%

-10%

Source: FHFA

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2017Q2

2013Q2

2012Q2

2011Q2

2010Q2

2009Q2

2008Q2

-12%

2007Q2

Appreciation Since Same Quarter One Year Earlier

8%

Table 1: Monthly Price Change Estimates for U.S. and Census Divisions (Purchase-Only Index, Seasonally Adjusted) U.S.

Pacific

0.1%

0.7%

Apr 17 - May 17

0.3%

1.0%

0.1%

0.7%

0.8%

0.3%

0.6%

-0.4%

-0.5%

(Previous Estimate)

0.4%

0.8%

-0.2%

0.5%

1.0%

0.2%

0.8%

0.0%

-0.5%

0.5%

Mar 17 - Apr 17

0.7%

0.6%

1.1%

0.1%

1.4%

-0.1%

-0.3%

0.6%

0.7%

1.2%

May 17 - Jun 17

Mountain West North West South East North East South Central Central Central Central

New England

Middle Atlantic

0.2%

0.1%

0.0% -0.2%

0.2% -0.5% -0.1% 1.3%

South Atlantic

0.0%

(Previous Estimate)

0.6%

0.5%

1.0%

0.2%

1.5%

0.0%

-0.3%

0.6%

0.6%

1.1%

Feb 17 - Mar 17

0.8%

1.5%

0.7%

1.0%

0.2%

1.3%

-0.3%

0.0%

-0.1%

1.2%

(Previous Estimate)

0.8%

1.6%

0.7%

0.8%

0.1%

1.3%

-0.4%

0.2%

0.0%

1.2%

Jan 17 - Feb 17

0.8%

0.5%

1.4%

0.4%

0.7%

0.7%

2.1%

1.9%

1.7%

0.1%

(Previous Estimate)

0.8%

0.4%

1.2%

0.4%

0.8%

0.7%

2.0%

2.0%

1.6%

0.0%

Dec 16 - Jan 17

0.2%

0.7%

0.3%

0.2%

0.8%

0.0%

-1.0%

0.4%

0.0%

0.2%

(Previous Estimate)

0.2%

0.7%

0.3%

0.1%

0.8%

0.0%

-1.2%

0.4%

0.1%

0.3%

3.7%

6.1%

New England

Middle Atlantic

South Atlantic

237.8 237.7 238.5 237.0 237.0 232.5 231.5 231.1 229.9 228.0 227.2 225.0 224.5 224.2 225.3 222.4 222.2 223.4

224.3 224.3 225.4 223.8 223.9 220.1 220.0 221.8 218.9 218.5 217.9 216.8 216.3 215.5 213.5 214.1 213.7 211.5

251.5 251.9 251.8 248.9 246.0 245.8 245.4 243.4 242.4 241.6 239.5 237.2 237.0 234.6 233.4 232.9 230.6 231.2

12-Month Change: Jun 16 - Jun 17

6.5% 9.8% 7.9% 6.0% 6.2% 5.7% 7.1% 6.0% Monthly Index Values for Latest 18 Months: U.S. and Census Divisions (Purchase-Only Index, Seasonally Adjusted, January 1991 = 100)

June-17 May-17 April-17 March-17 February-17 January-17 December-16 November-16 October-16 September-16 August-16 July-16 June-16 May-16 April-16 March-16 February-16 January-16

Source: FHFA

U.S.

Pacific

249.3 249.1 248.2 246.6 244.7 242.7 242.1 241.1 239.4 238.6 236.8 235.2 234.1 233.0 232.1 231.3 229.7 229.0

289.3 287.2 284.3 282.7 278.5 277.2 275.2 274.2 271.1 270.5 266.6 265.1 263.6 263.5 263.1 261.4 258.5 256.1

Mountain West North West South East North East South Central Central Central Central 325.6 325.0 324.7 321.1 319.0 314.7 313.7 312.5 310.2 307.0 304.6 302.3 301.7 300.2 297.5 297.6 292.4 290.3

248.9 248.3 246.7 246.3 243.9 243.1 242.5 241.6 239.4 239.2 237.3 237.7 234.8 234.1 234.4 232.0 232.4 232.8

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265.4 266.8 264.6 260.8 260.3 258.5 256.6 257.2 255.7 255.2 252.6 251.5 249.9 248.6 247.5 247.0 244.5 242.7

206.4 206.6 206.0 206.2 203.5 202.0 202.0 200.1 199.8 198.7 197.8 195.9 195.3 194.1 193.7 193.3 192.3 192.0

230.5 227.5 226.1 226.7 227.4 222.8 225.0 221.6 219.0 219.8 219.5 217.7 215.3 215.9 214.0 212.5 212.7 214.2

Seasonally Adjusted and Unadjusted Monthly Appreciation Rates Purchase-Only Index for U.S. 2.5% Unadjusted Index

Seasonally Adjusted Index

1.5% 1.0% 0.5% 0.0% -0.5% -1.0% -1.5%

Source: FHFA

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Jun-17

May-17

Apr-17

Mar-17

Feb-17

Jan-17

Dec-16

Nov-16

Sep-16

Aug-16

Jul-16

Jun-16

May-16

Apr-16

Mar-16

Feb-16

-2.5%

Oct-16

-2.0%

Jan-16

Percent Price Change Over Prior Month

2.0%

 200

Jan‐91 Jul‐91 Feb‐92 Aug‐92 Mar‐93 Oct‐93 Apr‐94 Nov‐94 May‐95 Dec‐95 Jul‐96 Jan‐97 Aug‐97 Feb‐98 Sep‐98 Apr‐99 Oct‐99 May‐00 Nov‐00 Jun‐01 Jan‐02 Jul‐02 Feb‐03 Aug‐03 Mar‐04 Oct‐04 Apr‐05 Nov‐05 May‐06 Dec‐06 Jul‐07 Jan‐08 Aug‐08 Feb‐09 Sep‐09 Apr‐10 Oct‐10 May‐11 Nov‐11 Jun‐12 Jan‐13 Jul‐13 Feb‐14 Aug‐14 Mar‐15 Oct‐15 Apr‐16 Nov‐16 Jun‐17

Index Value (January 1991=100)

Monthly House Price Index for U.S.

Purchase‐Only, Seasonally Adjusted Index, January 1991 ‐ Present

 260

 240

 220

Compound Annual Growth Rate Since January 1991:  3.5% Compound Annual Growth Rate Since January 2000:  3.5% Compound Annual Growth Rate Since January 2012:  6.1%

 180

 160

 140

 120

 100

Source: FHFA 11

Mar‐07 Jun‐07 Sep‐07 Dec‐07 Mar‐08 Jun‐08 Sep‐08 Dec‐08 Mar‐09 Jun‐09 Sep‐09 Dec‐09 Mar‐10 Jun‐10 Sep‐10 Dec‐10 Mar‐11 Jun‐11 Sep‐11 Dec‐11 Mar‐12 Jun‐12 Sep‐12 Dec‐12 Mar‐13 Jun‐13 Sep‐13 Dec‐13 Mar‐14 Jun‐14 Sep‐14 Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 Dec‐16 Mar‐17 Jun‐17

Seasonally Adjusted Change Relative to March 2007 Peak

Cumulative Seasonally Adjusted Price Change Relative to the March 2007 Peak for the U.S. Purchase‐Only, Seasonally Adjusted Index

14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% ‐2.0% ‐4.0% ‐6.0% ‐8.0% ‐10.0% ‐12.0% ‐14.0% ‐16.0% ‐18.0% ‐20.0% ‐22.0%

Source: FHFA

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Twelve‐Month Price Changes – Prior Year vs. Most Recent Year Purchase‐Only Index Price Change:  06/2015 ‐ 06/2016

Price Change:  06/2016 ‐ 06/2017

9.8%

10.0%

Twelve‐Month Price Change

8.8% 7.8%

8.0%

7.9% 7.1%

7.1% 6.5% 6.0%

6.0% 5.9%

5.9%

6.2%

5.3%

6.1%

6.0%

5.7% 5.0% 4.6%

4.0%

4.0%

3.7%

2.3% 2.0%

0.0% U.S.

Pacific

Mountain West North West South East North East South Central Central Central Central

Source: FHFA

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New England

Middle Atlantic

South Atlantic

Technical Note An Update to FHFA’s “Distress-Free” House Price Indexes

With this quarter’s release, FHFA has made a minor modification to the way it constructs its “distress free” house price indexes. These measures, which are considered “developmental” in nature, are published for twelve metropolitan areas and aim to omit the direct effects of distressed sales--sales of bank- and Enterprise-owned properties and short sales--on measurements of changes in home values. The minor methodological alteration made with this release involves a change in the way distressed sales are flagged in, and removed from, the underlying data sample used in forming the indexes. As addressed in the HPI “Highlights” article that introduced the distress-free measures,1 to identify distressed sales, four datasets have been used. Mortgage performance data from the Enterprises and FHA have been two sources. Property sales that occur after two-month mortgage delinquencies are registered in either of those source have been assumed to be in “distress.” A third source has been deed information from county recorder offices. 2 Special deed filings (e.g., Trustee Deeds Upon Sale) are associated with transfers of properties into REO and thus, when a property sale is observed subsequent to such a filing, the assumption has been made that the sale was distressed. Finally, the fourth data source, a database licensed from CoreLogic, includes special types of early-stage foreclosure filings. Like the deed filings data, this information ultimately was sourced from county recorder offices. However, in this case, the filings do not entail the transfer of properties. Rather, they are formal filings announcing that the borrower(s) had late payments. The filings, which include Notices of Default and Lis Pendens notices, are an important part of the foreclosure process. Accordingly, for the purpose of identifying distressed sales, transactions that occur shortly after such filings have been assumed to be in distress. FHFA’s data license for using this early-stage foreclosure filings data recently expired. For the last several months, FHFA has explored the possibility of using a new data source—Enterprise appraisal data—in lieu of re-licensing the early-stage foreclosure filings data. After this review, FHFA has decided to forego re-licensing the early-stage foreclosure filings data and to use the appraisal data as a fourth data source. The Enterprise appraisal data, which are collected in connection with the Enterprises’ Uniform Appraisal Dataset (UAD) initiative, contain electronic appraisal records associated with loan applications submitted to Fannie Mae and Freddie Mac since 2012. In the context of identifying distressed sales, the appraisal information is valuable because, with each appraisal, appraisers submit information about whether the subject property is being sold as an REO or a short sale. In addition, when listing pertinent information about comparable sales, appraisers indicate whether such sales were short sales or sales of REO. Used collectively, the appraiser-supplied information for the comparable and subject property

1

See “Distress-Free House Price Indexes” available at https://www.fhfa.gov/DataTools/Downloads/Documents/HPI_Focus_Pieces/2012Q2_HPIFocus_N508.pdf . 2 These data are currently licensed from DataQuick.

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transactions can be used to flag distressed sales and “fill in the gap” where FHFA’ s other data sources do not have visibility.3,4 The four data sources FHFA will now use for identifying distress--Enterprise mortgage performance, FHFA mortgage performance, foreclosure deeds, and appraisals--provide strong coverage with limited gaps. To be sure, FHFA’s review did find cases in which the early-stage foreclosure data was the only data source that was able to flag distress. The relative number of those cases was small, however. Moreover, the impact of such records on the distress-free indexes tended to be extremely modest.

3

Given FHFA’s other data sources, a key “blind spot” in identifying distressed sales involves short sales of properties whose prior owners do not have FHA or Enterprise mortgages. In such cases, the mortgage performance data and REO deed filings information would not fla g distress when mortgage distress might have existed. Like the early-stage foreclosure data, the appraisal information provides the ability to identify such cases. 4 It should be noted that the appraisal data , in one sense, are fundamentally different from the other sources. The other datasets include distress indicators (e.g., mortgage delinquency) that precede the final distress sale. Because they are preceding events, the methodology assumes that property transactions that occur anytime within 12 months after such events are distressed. The appraisal data, by contrast, flag specific transactions that (in the appraiser’s view) were in distress. Accordingly, there is no need to have a lengthy “look back” period. Because appraisers focus on contract dates for both subject and comparable property transactions and because contract dates tend to precede loan closing dates by a month or more, it is still important to have a look back rule. The look back period just does not need to be as lengthy. We allow for a six month lag between the contract date and the transaction (loan closing) date. That is—for a given transaction at a specific address, if the appraisal data show a distressed contract signed within six months of the transaction date, that transaction is assumed to be in distress.

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U.S. Census Divisions Percent Change in House Prices Seasonally Adjusted, Purchase-Only HPI

Period ended June 30, 2017 Division

Division Ranking*

USA

1-Yr

Qtr

5-Yr

Since 1991Q1

6.64%

1.62%

34.24%

145.40%

Pacific

1

8.87%

2.61%

60.97%

183.98%

Mountain

2

8.28%

1.97%

51.30%

220.34%

South Atlantic

3

7.00%

1.69%

37.59%

147.10%

West South Central

4

6.84%

1.99%

34.20%

163.50%

East North Central

5

6.06%

1.13%

27.46%

103.75%

East South Central

6

5.88%

1.06%

23.39%

123.29%

West North Central

7

5.79%

1.49%

26.22%

144.60%

New England

8

5.63%

1.25%

20.45%

129.72%

Middle Atlantic

9

4.08%

0.82%

15.55%

124.08%

Source: FHFA

*Rankings based on annual percentage change.

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State Statistics

17

House Price Appreciation by State Percent Change in House Prices Seasonally Adjusted, Purchase-Only HPI

Period ended June 30, 2017 Rank*

1-Yr

Qtr

5-Yr

Since 1991Q1

Washington (WA)

1

12.40%

3.74%

56.65%

229.30%

Colorado (CO)

2

10.41%

1.90%

60.05%

323.82%

Idaho (ID)

3

10.30%

1.95%

45.76%

187.21%

Florida (FL)

4

9.40%

1.80%

58.94%

182.52%

Utah (UT)

5

9.25%

2.48%

45.46%

267.05%

Oregon (OR)

6

8.61%

2.00%

58.72%

296.84%

North Carolina (NC)

7

8.49%

2.77%

31.44%

129.71%

Arizona (AZ)

8

8.43%

2.66%

58.75%

191.93%

California (CA)

9

8.33%

2.41%

64.47%

163.32%

Texas (TX)

10

8.26%

2.37%

42.38%

173.62%

Hawaii (HI)

11

8.21%

5.40%

35.90%

144.71%

Michigan (MI)

12

8.02%

1.50%

43.62%

111.86%

Rhode Island (RI)

13

7.88%

2.62%

25.50%

119.40%

Nevada (NV)

14

7.79%

1.22%

84.57%

121.46%

Georgia (GA)

15

7.71%

2.31%

46.44%

123.74%

Tennessee (TN)

16

7.69%

1.62%

33.55%

143.42%

Massachusetts (MA)

17

7.38%

1.96%

29.53%

171.51%

Minnesota (MN)

18

7.17%

1.63%

33.97%

170.80%

6.64%

1.62%

34.24%

145.40%

State

USA Kentucky (KY)

19

6.50%

1.25%

21.35%

126.80%

Maine (ME)

20

6.46%

2.04%

19.57%

134.78%

Ohio (OH)

21

6.39%

1.92%

25.42%

89.94%

South Carolina (SC)

22

6.29%

1.31%

29.19%

127.01%

Wisconsin (WI)

23

6.18%

1.56%

23.83%

143.17%

Missouri (MO)

24

6.08%

1.89%

24.68%

124.06%

Montana (MT)

25

6.06%

3.42%

29.04%

273.78%

Nebraska (NE)

26

6.05%

0.81%

25.72%

145.12%

Indiana (IN)

27

5.60%

1.82%

23.04%

94.30%

*Rankings based on annual percentage change.

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House Price Appreciation by State Percent Change in House Prices Seasonally Adjusted, Purchase-Only HPI

Period ended June 30, 2017 Rank*

1-Yr

Qtr

5-Yr

Since 1991Q1

New Hampshire (NH)

28

5.46%

-0.56%

24.45%

135.17%

South Dakota (SD)

29

5.32%

0.36%

25.50%

178.65%

Kansas (KS)

30

4.95%

1.39%

22.91%

131.54%

Iowa (IA)

31

4.51%

1.00%

19.96%

134.02%

Virginia (VA)

32

4.46%

1.32%

19.48%

148.43%

New York (NY)

33

4.41%

0.71%

15.28%

129.29%

Pennsylvania (PA)

34

4.38%

0.94%

17.23%

114.36%

Alabama (AL)

35

4.33%

0.63%

17.76%

109.68%

Arkansas (AR)

36

4.21%

0.72%

14.07%

108.56%

Louisiana (LA)

37

4.09%

1.88%

21.51%

174.08%

Oklahoma (OK)

38

3.91%

0.98%

21.13%

133.03%

Illinois (IL)

39

3.85%

-0.85%

18.90%

96.20%

New Mexico (NM)

40

3.78%

-0.03%

13.10%

131.51%

Mississippi (MS)

41

3.66%

0.29%

14.43%

98.22%

Vermont (VT)

42

3.51%

-1.46%

9.94%

123.67%

Maryland (MD)

43

3.16%

-0.25%

16.49%

140.26%

New Jersey (NJ)

44

2.98%

0.82%

13.22%

129.97%

District of Columbia (DC)

45

2.31%

-2.07%

46.95%

412.76%

Connecticut (CT)

46

2.18%

0.70%

6.20%

70.03%

North Dakota (ND)

47

2.08%

2.74%

28.43%

213.46%

Delaware (DE)

48

1.77%

1.53%

14.28%

97.02%

Wyoming (WY)

49

0.94%

0.26%

14.83%

227.43%

Alaska (AK)

50

-0.33%

-1.05%

11.92%

150.54%

West Virginia (WV)

51

-1.22%

-0.77%

11.44%

109.40%

State

*Rankings based on annual percentage change.

19

20

Comparison of the Purchase-Only and Expanded-Data House Price Indexes FHFA publishes an “expanded-data” House Price Index (HPI), which is available for 50 states, census divisions, and the United States as a whole. The expanded-data HPI is estimated using an augmented dataset relative to the data used to estimate the purchase-only HPI. Like the purchase-only series, the expanded-data series includes sales price information from purchase-money mortgages guaranteed by Fannie Mae and Freddie Mac (the Enterprises). It also includes, however, sales prices for homes financed with Federal Housing Administrationendorsed purchase-money mortgages as well as county recorder data licensed from CoreLogic. The figure below compares four-quarter percent changes in prices for the purchase-only and expanded-data series since 1992. Although the two series have diverged ocassionally, the long-term trend for both is similar. Over the last four quarters, the purchase-only series has risen 6.6 percent, a very similar appreciation rate compared to the 6.7 percent increase for the expanded-data series. A comparison of the purchase-only and expanded-data indexes for census divisions and states is supplied later in this report (where price changes are reported for such areas). The underlying data for the purchase-only and expanded-data HPI can be found at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo.

21

Comparison of Quarterly and Four-Quarter Price Changes Reported in Traditional Purchase-Only and Expanded-Data House Price Indexes 2017Q2 Release Change over Latest Quarter (Seasonally Adjusted)

Change over Latest Four Quarters (Seasonally Adjusted)

Traditional (Purchase-Only) HPI

Expanded-Data HPI*

Traditional (Purchase-Only) HPI

Expanded-Data HPI*

1.6%

1.5%

6.6%

6.7%

Pacific Census Division Mountain Census Division West North Central Division West South Central Division East North Central Division East South Central Division New England Division Middle Atlantic Division South Atlantic Division

2.6% 2.0% 1.5% 2.0% 1.1% 1.1% 1.3% 0.8% 1.7%

2.0% 2.2% 1.6% 1.5% 1.3% 1.3% 0.4% 1.0% 1.7%

8.9% 8.3% 5.8% 6.8% 6.1% 5.9% 5.6% 4.1% 7.0%

9.3% 8.4% 5.8% 6.2% 6.3% 5.9% 5.7% 3.8% 7.1%

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia

0.6% -1.1% 2.7% 0.7% 2.4% 1.9% 0.7% 1.5% -2.1% 1.8% 2.3%

0.9% -0.6% 2.0% 0.5% 1.9% 2.0% 0.2% 0.1% -2.8% 2.1% 1.6%

4.3% -0.3% 8.4% 4.2% 8.3% 10.4% 2.2% 1.8% 2.3% 9.4% 7.7%

4.1% -1.6% 9.1% 3.7% 9.0% 9.1% 2.7% 2.8% 3.0% 9.9% 6.9%

United States

* Estimated using mortgage data from Fannie Mae and Freddie Mac, county records information licensed from DataQuick Information Systems, and loan-level data from the Federal Housing Administration. 22

Comparison of Quarterly and Four-Quarter Price Changes Reported in Traditional Purchase-Only and Expanded-Data House Price Indexes 2017Q2 Release Change over Latest Quarter (Seasonally Adjusted)

Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina

Change over Latest Four Quarters (Seasonally Adjusted)

Traditional (Purchase-Only) HPI

Expanded-Data HPI*

Traditional (Purchase-Only) HPI

Expanded-Data HPI*

5.4% 2.0% -0.9% 1.8% 1.0% 1.4% 1.2% 1.9% 2.0% -0.2% 2.0% 1.5% 1.6% 0.3% 1.9% 3.4% 0.8% 1.2% -0.6% 0.8% 0.0% 0.7% 2.8%

1.4% 2.0% 0.1% 1.4% 1.6% 0.7% 1.8% 1.3% 2.0% 0.9% 0.7% 2.5% 1.6% 0.6% 1.8% 2.2% 2.1% 3.3% -1.3% 1.8% 1.7% 1.2% 1.4%

8.2% 10.3% 3.9% 5.6% 4.5% 5.0% 6.5% 4.1% 6.5% 3.2% 7.4% 8.0% 7.2% 3.7% 6.1% 6.1% 6.0% 7.8% 5.5% 3.0% 3.8% 4.4% 8.5%

6.9% 10.2% 4.6% 5.9% 5.1% 4.7% 6.5% 3.4% 6.6% 4.8% 7.6% 9.3% 7.2% 4.0% 5.9% 4.9% 5.8% 10.1% 3.6% 3.3% 3.4% 4.3% 6.4%

* Estimated using mortgage data from Fannie Mae and Freddie Mac, county records information licensed from DataQuick Information Systems, and loan-level data from the Federal Housing Administration. 23

Comparison of Quarterly and Four-Quarter Price Changes Reported in Traditional Purchase-Only and Expanded-Data House Price Indexes 2017Q2 Release Change over Latest Quarter (Seasonally Adjusted)

North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Change over Latest Four Quarters (Seasonally Adjusted)

Traditional (Purchase-Only) HPI

Expanded-Data HPI*

Traditional (Purchase-Only) HPI

Expanded-Data HPI*

2.7% 1.9% 1.0% 2.0% 0.9% 2.6% 1.3% 0.4% 1.6% 2.4% 2.5% -1.5% 1.3% 3.7% -0.8% 1.6% 0.3%

1.1% 0.5% 0.9% 2.5% 0.3% 0.9% 1.6% 1.2% 1.6% 1.8% 2.4% -1.7% 1.9% 2.9% 1.1% 2.2% 1.0%

2.1% 6.4% 3.9% 8.6% 4.4% 7.9% 6.3% 5.3% 7.7% 8.3% 9.2% 3.5% 4.5% 12.4% -1.2% 6.2% 0.9%

1.1% 5.0% 3.4% 10.4% 3.4% 8.5% 5.8% 6.4% 7.8% 7.5% 10.1% 3.5% 6.0% 11.3% 2.9% 6.8% 0.0%

Source: FHFA

* Estimated using mortgage data from Fannie Mae and Freddie Mac, county records information licensed from DataQuick Information Systems, and loan-level data from the Federal Housing Administration. 24

HOUSE PRICE INDEX FREQUENTLY ASKED QUESTIONS (updated August 22, 2017) 1. What is the value of the House Price Index (HPI)? The HPI is a broad measure of the movement of single-family house prices. It serves as a timely, accurate indicator of house price trends at various geographic levels. It also provides housing economists with an analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas. The HPI is a measure designed to capture changes in the value of single-family houses in the U.S. as a whole, in various regions and in smaller areas. The HPI is published by the Federal Housing Finance Agency (FHFA) using data provided by Fannie Mae and Freddie Mac. The Office of Federal Housing Enterprise Oversight (OFHEO), one of FHFA’s predecessor agencies, began publishing the HPI in the fourth quarter of 1995. 2. What transactions are covered in the HPI? The House Price Index is based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included. Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that does not exceed the conforming loan limit. For loans originated in the first nine months of 2011, the loan limit was set by Public Law 111-242. That law, in conjunction with prior legislation, provided for loan limits up to $729,750 for one-unit properties in certain high-cost areas in the contiguous U.S. Mortgages originated after September 30, 2011 were no longer subject to the terms of prior initiatives and, under the formula established under the Housing and Economic Recovery Act of 2008, the “ceiling” limit for one-unit properties in the contiguous U.S. fell to $625,500. The current conforming loan limit is $424,100 in most of the U.S. Conventional mortgages are those that are neither insured nor guaranteed by the FHA, VA, or other federal government entities. Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded from the HPI, as are properties with mortgages whose principal amount exceeds the conforming loan limit. Mortgage transactions on condominiums, cooperatives, multi-unit properties, and planned unit developments are also excluded. 3. How is the HPI computed? The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975. The HPI is updated each quarter as additional mortgages are purchased

25

or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter and for each quarter since the first quarter of 1975. 4. How often is the HPI published? A comprehensive report is published every three months, approximately two months after the end of the previous quarter. Beginning in March 2008, OFHEO (one of FHFA’s predecessor agencies) began publishing monthly indexes for census divisions and the U.S. FHFA continues publishing and updating these indexes each month. 5. How is the HPI updated? Each month, Fannie Mae and Freddie Mac provide FHFA with information on their most recent mortgage transactions. These data are combined with the data from previous periods to establish price differentials on properties where more than one mortgage transaction has occurred. The data are merged, creating an updated historical database that is then used to estimate the HPI. 6. How do I interpret “four-quarter,” “one-year,” “annual,” and “one-quarter” price changes? The “four-quarter” percentage change in home values is simply the price change relative to the same quarter one year earlier. For example, if the HPI release is for the second quarter, then the “four-quarter” price change reports the percentage change in values relative to the second quarter of the prior year. It reflects the best estimate for how much the value of a typical property increased over the four-quarter period (FAQ #2 reports the types of properties included in this estimate). “One-year” and “annual” appreciation are used synonymously with “four-quarter” appreciation in the full quarterly HPI releases. Similar to the “four-quarter” price changes, the “one-quarter” percentage change estimates the percentage change in home values relative to the prior quarter. Please note that, in estimating the quarterly price index, all observations within a given quarter are pooled together; no distinction is made between transactions occurring in different months. As such, the “four-quarter” and “one-quarter” changes compare typical values throughout a quarter against valuations during a prior quarter. The appreciation rates do not compare values at the end of a quarter against values at the end of a prior quarter. 7. How are Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions defined and what criteria are used to determine whether an MSA index is published? MSAs are defined by the Office of Management and Budget (OMB). If specified criteria are met and an MSA contains a single core population greater than 2.5 million, the MSA is divided into Metropolitan Divisions. The following MSAs have been divided into

26

Metropolitan Divisions: Boston-Cambridge-Newton, MA-NH; Chicago-Naperville-Elgin, IL-IN-WI; Dallas-Fort Worth-Arlington, TX; Detroit-Warren-Dearborn, MI; Los AngelesLong Beach-Anaheim, CA; Miami-Fort Lauderdale-West Palm Beach, FL; New YorkNewark-Jersey City, NY-NJ-PA; Philadelphia-Camden-Wilmington, PA-NJ-DE-MD; San Francisco-Oakland-Hayward, CA; Seattle-Tacoma-Bellevue, WA; WashingtonArlington-Alexandria, DC-VA-MD-WV. For these MSAs, FHFA reports data for each Division, rather than the MSA as a whole. FHFA requires that an MSA (or Metropolitan Division) must have at least 1,000 total transactions before it may be published. Additionally, an MSA or Division must have had at least 10 transactions in any given quarter for that quarterly value to be published. Blanks are displayed where this criterion is not met. 8. Does FHFA use the February 2013 revised Metropolitan Statistical Areas (MSAs) and Divisions? Yes, FHFA uses the revised Metropolitan Statistical Areas (MSAs) and Divisions as defined by the Office of Management and Budget (OMB) in February 2013 (and revised in July 2015). These MSAs and Divisions are based on Census data. According to OMB, an MSA comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county as measured through commuting. For information about the current MSAs, please visit: https://obamawhitehouse.archives.gov/sites/default/files/omb/bulletins/2015/15-01.pdf. Prior to the second quarterly release in 2013, FHFA produced metropolitan area indexes based on the December 2009 delineations provided by the OMB at https://obamawhitehouse.archives.gov/omb/assets/bulletins/b10-02.pdf. That quarter’s Highlights piece explains the transition from the December 2009 to the February 2013 definitions. HPIs constructed from both the 2009 and 2013 delineations are available on the Downloadable Data page under the “Additional Data” section then the “Utility Files and Background Information for Index Construction” subsection. 9. What geographic areas are covered by the House Price Index? The HPI includes indexes for all nine census divisions, the 50 states and the District of Columbia, and every Metropolitan Statistical Area (MSA) in the U.S., excluding Puerto Rico. OMB recognizes 382 MSAs, 11 of which are subdivided into a total of 31 Metropolitan Divisions. As noted earlier, FHFA produces indexes for the divisions where they are available, in lieu of producing a single index for the MSA. In total, 402 indexes are released: 371 for the MSAs that do not have Metropolitan Divisions and 31 Division indexes. The starting dates for indexes differ and are determined by a minimum transaction threshold; index values are not provided for periods before at least 1,000 transactions have been accumulated.

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In each release, FHFA publishes rankings and quarterly, annual, and five-year rates of changes for the MSAs and Metropolitan Divisions that have at least 15,000 transactions over the prior 10 years. In this release, 254 MSAs and Metropolitan Divisions satisfy this criterion. For the remaining areas, MSAs and Divisions, one-year and five-year rates of change are provided. 10. What is the methodology used by FHFA in computing the Index? The methodology is a modified version of the Case-Shiller® geometric weighted repeatsales procedure. A detailed description of the HPI methodology is available upon request from FHFA at (202) 649-3195 or online at: http://go.usa.gov/8BBT. 11. How does the HPI differ from the S&P/Case-Shiller® Home Price indexes? Although both indexes employ the same fundamental repeat-valuations approach, there are a number of data and methodology differences. Among the dissimilarities: a. The S&P/Case-Shiller indexes only use purchase prices in index calibration, while the all-transactions HPI also includes refinance appraisals. FHFA’s purchase-only series is restricted to purchase prices. b. FHFA’s valuation data are derived from conforming mortgages provided by Fannie Mae and Freddie Mac. The S&P/Case-Shiller indexes use information obtained from county assessor and recorder offices. c. The S&P/Case-Shiller indexes are value-weighted, meaning that price trends for more expensive homes have greater influence on estimated price changes than other homes. FHFA’s index weights price trends equally for all properties. d. The geographic coverage of the indexes differs. The S&P/Case-Shiller National Home Price Index, for example, does not have valuation data from 13 states. FHFA’s U.S. index is calculated using data from all states. For details on these and other differences, consult the HPI Technical Description (see http://go.usa.gov/8BBT) and the S&P/Case-Shiller methodology materials (see http://us.spindices.com/documents/methodologies/methodology-sp-cs-home-priceindices.pdf). A paper that analyzes in detail the methodological and data differences between the two price metrics can be accessed at http://go.usa.gov/8BBJ. 12. How does the House Price Index differ from the Census Bureau’s Constant Quality House Price Index (CQHPI)? The HPI published by FHFA covers far more transactions than the Commerce Department survey. The CQHPI covers sales of new homes and homes for sale, based

28

on a sample of about 14,000 transactions annually, gathered through monthly surveys. The quarterly purchase-only HPI is based on more than eight million repeat transaction pairs over 42 years. This gives a more accurate reflection of current property values than the Commerce Department index. The HPI also can be updated efficiently using data collected by Fannie Mae and Freddie Mac in the normal course of their business activity. 13. Where can I access MSA index numbers and standard errors for each year and quarter? In addition to the information displayed in the MSA tables, FHFA makes available MSA indexes and standard errors. The data are available in ASCII format and may be accessed at http://go.usa.gov/8kXz. 14. What role do Fannie Mae and Freddie Mac play in the House Price Index? FHFA uses data supplied by Fannie Mae and Freddie Mac in compiling the HPI. Each of the Enterprises had previously created a weighted repeat-transactions index based on property matches within its own database. In the first quarter of 1994, Freddie Mac began publishing the Conventional Mortgage Home Price Index (CMHPI). The CMHPI was jointly developed by Fannie Mae and Freddie Mac. The CMHPI series covers the period 1970 to the present. 15. Why is the HPI based on Fannie Mae or Freddie Mac mortgages? FHFA has access to this information by virtue of its role as the federal regulator responsible for these government-sponsored enterprises. Chartered by Congress for the purpose of creating a reliable supply of mortgage funds for homebuyers, Fannie Mae and Freddie Mac are the largest mortgage finance institutions in the U.S. representing a significant share of total outstanding mortgages. 16. When are the indexes normalized in the downloadable ASCII data? The ASCII data for metropolitan areas are normalized to the first quarter of 1995. That is, the HPI equals 100 for all MSAs in the first quarter of 1995. States and divisions are normalized to 100 in the first quarter of 1980. The purchase-only indexes are normalized to 100 in the first quarter of 1991. Note that normalization dates do not affect measured appreciation rates. 17. Is the HPI adjusted for inflation? No, the HPI is not adjusted for inflation. For inflation adjustments, one can use the Consumer Price Index “All Items Less Shelter” series. The Bureau of Labor Statistics’ price index series ID# CUUR0000SA0L2, for example, has tracked non-shelter consumer prices since the 1930s. That series and others can be downloaded at: http://data.bls.gov/cgi-bin/srgate.

29

18. How do I use the manipulatable data (in TXT files) on the website to calculate appreciation rates? The index numbers alone (for census divisions and U.S., individual states, and MSAs) do not have significance. They have meaning in relation to previous or future index numbers, because you can use them to calculate appreciation rates using the formula below. To calculate appreciation between any 2 quarters, use the formula: (QUARTER 2 INDEX NUMBER - QUARTER 1 INDEX NUMBER) / QUARTER 1 INDEX NUMBER

You can generate annual numbers by taking the four quarter average for each year or monthly numbers by finding the difference between two months. 19. How is FHFA's House Price Index constructed for MSAs? The website says that FHFA uses the 2015 definitions based on the 2010 Census to define each MSA. Is this true for all time periods covered by each index? Or do the definitions change over time as the Census expanded its MSA definitions? For example, if the definition of an MSA added three counties between 1980 and 2000, would the value of the index in 1980 cover the three counties that were not included in the 1980 SMSA definition? The HPI is recomputed historically each quarter. The MSA definition used to compute the 1982 (for example) index value in Anchorage, AK would be the most recent definition. The series is comparable backwards. 20. How can the House Price Index for an MSA be linked to zip codes within that MSA? Although FHFA has published experimental house price indexes for some ZIP codes, those indexes are annual (i.e. quarterly index values are not provided). Researchers needing quarterly values for ZIP codes may be interested in using index values for the applicable metropolitan area. Because ZIP codes sometimes overlap county boundaries, a single ZIP code can be located partially inside and outside of a Metropolitan Area. Thus, the development of a crosswalk between ZIP codes and Metropolitan Areas is not a straightforward exercise. The Department of Housing and Urban Development has released a lookup table that maps ZIP codes to the Metropolitan Area(s) that they fall within. That lookup file, as well as a discussion of the underlying technical issues, can be found here: http://www.huduser.org/portal/datasets/usps_crosswalk.html. 21. How and why is the HPI revised each quarter? Historical estimates of the HPI revise for three primary reasons:

30

1) The HPI is based on repeat transactions. That is, the estimates of appreciation are based on repeated valuations of the same property over time. Therefore, each time a property "repeats" in the form of a sale or refinance, average appreciation since the prior sale/refinance period is influenced. 2) Fannie Mae and Freddie Mac (the Enterprises) purchase seasoned loans, providing new information about prior quarters. 3) Due to a 30- to 45-day lag time from loan origination to Enterprise funding, FHFA receives data on new fundings for one additional month following the last month of the quarter. These fundings contain many loans originating in that most recent quarter, and especially the last month of the quarter. This will reduce with subsequent revisions, however data on loans purchased with a longer lag, including seasoned loans, will continue to generate revisions, especially for the most recent quarters. In connection with the release of the 2012Q2 HPI results, a special revision was made to two historical HPI values. In prior releases, the all-transactions index values for Vermont-1976Q1 and West Virginia-1982Q1 were both reported to be 100.01. Those values were not correct; index values for those respective periods should have been set to missing because no modeling data were available in the underlying sample. The HPI releases for 2012Q2 and later periods reflect the change. 22. What transaction dates are used in estimating the index? For model estimation, the loan origination date is used as the relevant transaction date. 23. Are foreclosure sales included in the HPI? Transactions that merely represent title transfers to lenders will not appear in the data. Once lenders take possession of foreclosed properties, however, the subsequent sale to the public can appear in the data. As with any other property sale, the sales information will be in FHFA’s data if the buyer purchases the property with a loan that is bought or guaranteed by Fannie Mae or Freddie Mac. 24. How are the monthly House Price Indexes calculated? The monthly indexes are calculated in the same way the quarterly indexes are constructed, except transactions from the same quarter are no longer aggregated. To construct the quarterly index, all transactions from the same quarter are aggregated and index values are estimated using the assigned quarters. In the monthly indexing model, all transactions for the same month are aggregated and separate index values are estimated for each month.

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25. How are the Census Division and U.S. House Price Indexes formed? As discussed in the Highlights article accompanying the 2011Q1 HPI Release (available for download at http://go.usa.gov/8k5d), the census division indexes are constructed from statistics for the component states. For the quarterly all-transactions and purchase-only indexes, the census division indexes are constructed from quarterly growth rate estimates for the underlying state indexes. Census division index estimates are “built-up” from quarterly growth rate estimates (monthly growth rates for the monthly index) for the component states. The census division indexes are set equal to 100 in the relevant base periods. Then, the index values for subsequent periods are increased (or decreased) by the weighted average quarterly (or monthly) price change for the underlying states. Index values for periods before the base period are calculated in a similar fashion; beginning with the base period value, the preceding index values are sequentially determined so that the growth rate in each period always reflects the weighted average growth rate for the component states. The national HPI is constructed in an analogous fashion, except that the weighted components are census divisions. Because the census divisions measures are themselves weighted averages of state metrics, the U.S. index is equivalent to a stateweighted metric. 26. What weights are used in forming the Census Division and U.S. Indexes? The weights used in constructing the indexes are estimates for the shares of one-unit detached properties in each state. For years in which decennial census data are available, the share from the relevant census is used. For intervening years, a state’s share is the weighted average of the relevant shares in the prior and subsequent censuses, where the weights are changed by ten percentage points each year. For example, California’s share of the housing stock for 1982 is calculated as 0.8 times its share in the 1980 census plus 0.2 times its share in the 1990 census. For 1983, the Pacific Division’s share is 0.7 times its 1980 share plus 0.3 times its 1990 share. For years since 2000, state shares are calculated as follows:   

For the 2001-2005 interval, shares are straight-line interpolated based on the state shares in the 2000 decennial Census and the 2005 values from the American Community Survey (ACS). For 2006-2014, the estimates are from the annual ACS. Until 2015 ACS estimates become available, shares from the 2014 ACS are used for subsequent periods.

The year-specific estimates of the state shares of U.S. detached housing stock can be accessed at http://go.usa.gov/8k5F.

32

27. For those house price indexes that are seasonally adjusted, what approach is used in performing the seasonal adjustment? The Census Bureau’s X-12 ARIMA procedure is used, as implemented in the SAS software package. The automated ARIMA model-selection algorithm in X-12 is employed, which searches through a series of seasonality structures and selects the first that satisfies the Ljung-Box test for serial correlation. To obtain more information on the HPI contact us via the Data and Research Contact page at http://go.usa.gov/8kN3. 28. How is the Expanded-Data HPI calculated? The approach to estimating the expanded-data HPI is detailed in the Highlights article published with the 2011Q2 HPI at http://go.usa.gov/8kNm. In general, the methodology is the same as is used in the construction of the standard purchase-only HPI, except a supplemented dataset is used for estimation. The augmented data include sales price information from Fannie Mae and Freddie Mac mortgages as well as two new information sources: (1) transactions records for houses with mortgages endorsed by FHA and (2) county recorder data licensed from CoreLogic. The licensed county recorder data do not include records in many U.S. counties—particularly rural ones. To ensure that the addition of the CoreLogic data to the estimation sample does not unduly bias index estimates toward price trends in urban areas, the expanded-data index for certain states is estimated by weighting price trends in areas with CoreLogic coverage and other areas. Details on this sub-area weighting can be found in the text of the Highlights piece referenced above. 29. What is the “distress-free” index? FHFA released a “distress-free” HPI in 2012Q2 along with the Highlights article at http://go.usa.gov/8kNJ. The index is a version of the purchase-only index that removes short sales and sales of bank-owned properties from the transactions data used to compute that traditional index. The index is still in a developmental stage. An analysis of how distressed sales affect the FHFA HPI is provided in an FHFA Working Paper released August 2013 at http://go.usa.gov/8kRB.

33

Metro Area Statistics

34

Seasonally Adjusted Price Changes Reflected in Purchase-Only Indexes 100 Largest Metropolitan Areas Metropolitan Statistical Area or Division

1-Yr

Qtr

5-Yr

Akron, OH Albany-Schenectady-Troy, NY Albuquerque, NM Allentown-Bethlehem-Easton, PA-NJ Anaheim-Santa Ana-Irvine, CA (MSAD) Atlanta-Sandy Springs-Roswell, GA Austin-Round Rock, TX Bakersfield, CA Baltimore-Columbia-Towson, MD Baton Rouge, LA Birmingham-Hoover, AL Boise City, ID Boston, MA (MSAD) Bridgeport-Stamford-Norwalk, CT Buffalo-Cheektowaga-Niagara Falls, NY Cambridge-Newton-Framingham, MA (MSAD) Camden, NJ (MSAD) Cape Coral-Fort Myers, FL Charleston-North Charleston, SC Charlotte-Concord-Gastonia, NC-SC Chicago-Naperville-Arlington Heights, IL (MSAD) Cincinnati, OH-KY-IN Cleveland-Elyria, OH Colorado Springs, CO Columbia, SC Columbus, OH Dallas-Plano-Irving, TX (MSAD) Dayton, OH Denver-Aurora-Lakewood, CO Detroit-Dearborn-Livonia, MI (MSAD) El Paso, TX Elgin, IL (MSAD) Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (MSAD) Fort Worth-Arlington, TX (MSAD) Fresno, CA Gary, IN (MSAD) Grand Rapids-Wyoming, MI Greensboro-High Point, NC Greenville-Anderson-Mauldin, SC

4.34% 1.40% 3.89% 4.52% 6.56% 8.54% 7.70% 6.74% 4.44% 7.79% 4.66% 10.23% 7.23% 3.54% 8.08% 8.89% 2.52% 6.17% 7.89% 10.62% 5.34% 5.68% 5.71% 10.23% 4.50% 9.21% 9.87% 6.05% 10.70% 8.02% 3.97% 2.92% 8.69% 10.83% 8.14% 3.67% 10.07% 4.66% 4.68%

0.24% 0.04% 0.79% 1.64% 0.90% 2.26% 2.58% 4.43% 0.45% 1.73% -1.55% 3.26% 2.14% 1.02% 3.59% 2.30% 3.19% -0.04% 0.91% 0.65% -0.35% 1.33% -0.08% 3.58% 0.69% 4.80% 2.51% 1.44% 1.71% 1.79% 0.34% -5.04% 3.72% 2.36% 3.49% 0.53% 0.61% 3.65% -0.97%

23.14% 9.06% 14.54% 13.44% 52.10% 58.25% 57.13% 48.58% 17.57% 23.77% 23.50% 64.66% 31.41% 9.35% 27.04% 36.53% 10.46% 61.89% 54.35% 43.77% 28.86% 25.26% 23.25% 40.64% 14.24% 35.28% 57.58% 20.08% 69.33% 52.80% 13.33% 26.78% 60.98% 48.86% 49.24% 18.62% 51.87% 21.42% 30.96%

35

Since 1991Q1 80.81% 88.68% 124.98% 75.83% 202.08% 135.43% 333.63% 89.92% 149.48% 169.99% 132.85% 224.16% 199.04% 102.69% 95.34% 196.74% 82.84% 146.90% 242.55% 140.58% 109.57% 97.27% 73.06% 219.36% 95.90% 126.05% 170.73% 59.43% 368.56% 93.92% 93.51% 66.54% 214.32% 149.34% 117.85% 97.17% 127.72% 78.79% 138.37%

Seasonally Adjusted Price Changes Reflected in Purchase-Only Indexes 100 Largest Metropolitan Areas Metropolitan Statistical Area or Division

1-Yr

Qtr

5-Yr

Hartford-West Hartford-East Hartford, CT Honolulu ('Urban Honolulu'), HI Houston-The Woodlands-Sugar Land, TX Indianapolis-Carmel-Anderson, IN Jacksonville, FL Kansas City, MO-KS Knoxville, TN Lake County-Kenosha County, IL-WI (MSAD) Las Vegas-Henderson-Paradise, NV Little Rock-North Little Rock-Conway, AR Los Angeles-Long Beach-Glendale, CA (MSAD) Louisville/Jefferson County, KY-IN Memphis, TN-MS-AR Miami-Miami Beach-Kendall, FL (MSAD) Milwaukee-Waukesha-West Allis, WI Minneapolis-St. Paul-Bloomington, MN-WI Montgomery County-Bucks County-Chester County, PA (MSAD) Nashville-Davidson--Murfreesboro--Franklin, TN Nassau County-Suffolk County, NY (MSAD) New Haven-Milford, CT New Orleans-Metairie, LA New York-Jersey City-White Plains, NY-NJ (MSAD) Newark, NJ-PA (MSAD) North Port-Sarasota-Bradenton, FL Oakland-Hayward-Berkeley, CA (MSAD) Oklahoma City, OK Omaha-Council Bluffs, NE-IA Orlando-Kissimmee-Sanford, FL Oxnard-Thousand Oaks-Ventura, CA Philadelphia, PA (MSAD) Phoenix-Mesa-Scottsdale, AZ Pittsburgh, PA Portland-Vancouver-Hillsboro, OR-WA Providence-Warwick, RI-MA Raleigh, NC Richmond, VA Riverside-San Bernardino-Ontario, CA Rochester, NY Sacramento--Roseville--Arden-Arcade, CA

1.04% 1.65% 4.05% 7.53% 6.99% 8.43% 4.19% 4.82% 8.70% 3.57% 9.40% 8.17% 7.12% 8.63% 5.46% 7.39% 4.47% 10.41% 5.66% 0.10% 4.21% 3.23% 4.62% 6.84% 9.15% 4.27% 6.90% 11.03% 5.65% 6.23% 8.28% 4.94% 8.12% 7.89% 10.13% 6.50% 8.81% 2.94% 10.81%

0.16% 1.53% 0.15% 3.12% -1.12% 1.46% -0.90% -0.37% 3.01% 2.10% 3.31% 1.31% 1.92% 0.88% 1.29% 1.04% 0.28% 2.14% 1.87% -0.28% 1.64% -0.43% 1.98% 1.62% 2.13% 0.63% 0.82% 2.91% 2.02% 1.23% 1.55% 2.44% 1.88% 2.77% 2.82% 0.40% 3.60% 0.91% 2.72%

4.11% 23.95% 40.95% 28.93% 49.13% 37.18% 19.51% 24.64% 90.28% 9.20% 61.68% 27.06% 27.15% 56.05% 25.78% 38.97% 16.10% 54.53% 18.36% 5.13% 29.54% 17.53% 16.50% 72.40% 90.59% 24.00% 26.69% 64.23% 51.35% 22.21% 67.87% 25.10% 65.01% 27.17% 38.69% 30.02% 71.64% 11.58% 77.34%

36

Since 1991Q1 53.38% 143.06% 196.75% 98.61% 173.39% 135.20% 123.96% 78.59% 101.19% 107.41% 180.66% 144.80% 89.91% 270.93% 141.71% 174.59% 115.17% 217.93% 186.19% 65.03% 197.89% 157.99% 146.24% 201.12% 227.82% 149.72% 138.31% 152.99% 167.83% 165.22% 216.41% 137.26% 329.42% 127.95% 153.93% 146.11% 131.25% 57.05% 132.62%

Seasonally Adjusted Price Changes Reflected in Purchase-Only Indexes 100 Largest Metropolitan Areas Metropolitan Statistical Area or Division

1-Yr

Qtr

5-Yr

Salt Lake City, UT San Antonio-New Braunfels, TX San Diego-Carlsbad, CA San Francisco-Redwood City-South San Francisco, CA (MSAD) San Jose-Sunnyvale-Santa Clara, CA Seattle-Bellevue-Everett, WA (MSAD) Silver Spring-Frederick-Rockville, MD (MSAD) St. Louis, MO-IL Stockton-Lodi, CA Syracuse, NY Tacoma-Lakewood, WA (MSAD) Tampa-St. Petersburg-Clearwater, FL Tucson, AZ Tulsa, OK Virginia Beach-Norfolk-Newport News, VA-NC Warren-Troy-Farmington Hills, MI (MSAD) Washington-Arlington-Alexandria, DC-VA-MD-WV (MSAD) West Palm Beach-Boca Raton-Delray Beach, FL (MSAD) Wichita, KS Wilmington, DE-MD-NJ (MSAD) Winston-Salem, NC Worcester, MA-CT

9.67% 11.29% 9.22% 5.36% 4.20% 15.73% 2.06% 5.27% 9.73% 4.28% 13.86% 12.14% 8.99% 3.27% 3.25% 8.47% 3.65% 9.27% 3.66% 2.87% 5.82% 5.10%

1.84% 3.59% 3.19% 6.91% -0.41% 4.88% -0.12% 1.46% 3.17% 0.43% 4.95% 3.52% 2.43% -0.44% -0.87% 1.44% 1.55% 0.60% 1.60% 0.27% 0.92% 0.59%

47.51% 37.73% 56.71% 77.26% 66.85% 77.48% 16.63% 24.48% 86.58% 9.65% 63.83% 63.06% 36.56% 20.01% 15.53% 57.17% 24.95% 76.39% 17.95% 13.71% 21.32% 25.32%

Since 1991Q1 313.75% 196.60% 210.99% 302.35% 265.32% 284.60% 154.91% 123.24% 111.10% 61.64% 210.35% 200.80% 161.27% 120.82% 141.46% 113.85% 190.37% 198.36% 101.41% 92.23% 85.39% 116.19%

Note: Index values can be downloaded at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo.

Source: FHFA

37

Purchase-Only Indexes for Metropolitan Areas: Relative Frequency of Distressed Sales and Effect of Removing Distressed Sales on Estimated Price Changes (Note: Price Changes Reported on Seasonally Adjusted Basis)

Period ended June 30, 2017 Share of Enterprise-Financed Purchase-Money Mortgages that are Financing Distressed-Sales

Metropolitan Area Anaheim-Santa Ana-Irvine, CA (MSAD) Atlanta-Sandy Springs-Roswell, GA Chicago-Naperville-Arlington Heights, IL (MSAD) Los Angeles-Long Beach-Glendale, CA (MSAD) Miami-Miami Beach-Kendall, FL (MSAD) Oakland-Hayward-Berkeley, CA (MSAD) Phoenix-Mesa-Scottsdale, AZ Riverside-San Bernardino-Ontario, CA San Diego-Carlsbad, CA San Francisco-Redwood City-South San Francisco, CA (MSAD) Tampa-St. Petersburg-Clearwater, FL Warren-Troy-Farmington Hills, MI (MSAD)

Quarterly Price Change 2017Q1-2017Q2

Four Quarter Price Change 2016Q2-2017Q2

2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 Full Sample Distress-Free Full Sample Distress-Free 5% 6% 10% 9% 16% 6% 5% 9% 6% 4% 13% 5%

4% 7% 9% 7% 14% 5% 6% 9% 6% 3% 12% 4%

4% 6% 10% 7% 14% 4% 5% 8% 5% 3% 11% 4%

5% 7% 12% 6% 13% 5% 5% 9% 5% 3% 9% 5%

3% 5% 7% 5% 10% 4% 3% 7% 3% 3% 6% 3%

0.9% 2.3% -0.4% 3.3% 0.9% 2.1% 1.5% 3.6% 3.2% 6.9% 3.5% 1.4%

1.5% 2.0% 0.3% 2.4% 0.6% 2.8% 2.1% 3.4% 3.7% 6.9% 3.5% 1.6%

6.6% 8.5% 5.3% 9.4% 8.6% 9.2% 8.3% 8.8% 9.2% 5.4% 12.1% 8.5%

7.0% 7.6% 4.7% 8.9% 7.2% 9.4% 8.5% 9.2% 8.5% 4.3% 10.7% 8.1%

Sources: Fannie Mae and Freddie Mac appraisal and mortgage data, including mortgage performance records; FHA mortgage performance data; and county records data licensed from CoreLogic.

Source: FHFA

38

20 Metropolitan Areas with Highest Rates of House Price Appreciation Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Mount Vernon-Anacortes, WA

1

15.14%

6.29%

41.62%

Seattle-Bellevue-Everett, WA (MSAD)

2

14.04%

5.82%

67.32%

Deltona-Daytona Beach-Ormond Beach, FL

3

13.44%

2.71%

61.15%

Salem, OR

4

13.08%

4.98%

49.73%

Tacoma-Lakewood, WA (MSAD)

5

12.76%

4.76%

50.21%

Port St. Lucie, FL

6

12.73%

4.58%

80.15%

Boise City, ID

7

12.54%

5.42%

65.69%

Orlando-Kissimmee-Sanford, FL

8

12.47%

3.69%

62.06%

Bend-Redmond, OR

9

12.42%

4.98%

92.26%

Fort Collins, CO

10

12.08%

3.67%

57.43%

Bellingham, WA

11

12.05%

4.83%

36.14%

Yuba City, CA

12

12.00%

2.38%

71.11%

Bremerton-Silverdale, WA

13

11.76%

3.77%

39.57%

Fort Worth-Arlington, TX (MSAD)

14

11.70%

3.87%

44.67%

Palm Bay-Melbourne-Titusville, FL

15

11.70%

4.33%

69.63%

Dallas-Plano-Irving, TX (MSAD)

16

11.60%

4.71%

55.88%

Denver-Aurora-Lakewood, CO

17

11.35%

3.97%

67.02%

Tampa-St. Petersburg-Clearwater, FL

18

11.32%

4.22%

61.08%

Boulder, CO

19

10.84%

3.40%

61.16%

Portland-Vancouver-Hillsboro, OR-WA

20

10.84%

3.31%

64.72%

Metropolitan Statistical Area

Note: Purchase-only indexes, which omit appraisal values, are available for select metro areas at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo. For composition of metropolitan statistical areas and divisions see FHFA HPI FAQ #7 or https://obamawhitehouse.archives.gov/sites/default/files/omb/bulletins/2015/15-01.pdf.

Source: FHFA *Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

39

20 Metropolitan Areas with Lowest Rates of House Price Appreciation Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Atlantic City-Hammonton, NJ

254

-0.77%

2.04%

-2.53%

Montgomery, AL

253

-0.54%

-2.50%

3.39%

Anchorage, AK

252

0.17%

-0.84%

13.71%

Peoria, IL

251

0.29%

0.59%

5.32%

Hagerstown-Martinsburg, MD-WV

250

0.63%

0.09%

12.60%

Las Cruces, NM

249

0.84%

0.36%

2.88%

New Haven-Milford, CT

248

0.86%

0.63%

2.73%

Harrisburg-Carlisle, PA

247

0.91%

-0.26%

5.09%

Springfield, IL

246

1.14%

-0.53%

8.70%

Hartford-West Hartford-East Hartford, CT

245

1.27%

1.36%

3.11%

Bloomington, IL

244

1.42%

1.82%

5.99%

Wilmington, DE-MD-NJ (MSAD)

243

1.43%

1.18%

10.06%

El Paso, TX

242

1.45%

0.00%

5.98%

Lynchburg, VA

241

1.46%

0.71%

8.17%

Bridgeport-Stamford-Norwalk, CT

240

1.47%

2.39%

6.21%

Jefferson City, MO

239

1.77%

0.24%

7.35%

Jackson, MS

238

1.84%

-1.03%

10.33%

Amarillo, TX

237

1.89%

0.53%

15.84%

Camden, NJ (MSAD)

236

1.92%

2.31%

8.48%

Rochester, NY

235

1.95%

1.53%

10.18%

Metropolitan Statistical Area

Note: Purchase-only indexes, which omit appraisal values, are available for select metro areas at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo. For composition of metropolitan statistical areas and divisions see FHFA HPI FAQ #7 or https://obamawhitehouse.archives.gov/sites/default/files/omb/bulletins/2015/15-01.pdf.

Source: FHFA *Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

40

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Akron, OH

172

4.58%

3.11%

18.39%

Albany-Schenectady-Troy, NY

232

2.12%

0.61%

7.13%

Albuquerque, NM

190

3.73%

0.84%

12.05%

Allentown-Bethlehem-Easton, PA-NJ

192

3.67%

1.74%

10.39%

Amarillo, TX

237

1.89%

0.53%

15.84%

Anaheim-Santa Ana-Irvine, CA (MSAD)

113

6.46%

1.59%

47.04%

Anchorage, AK

252

0.17%

-0.84% 13.71%

Ann Arbor, MI

42

9.32%

3.54%

43.13%

Appleton, WI

119

6.28%

3.75%

14.11%

Asheville, NC

71

8.54%

3.46%

34.48%

Athens-Clarke County, GA

146

5.41%

1.43%

26.53%

Atlanta-Sandy Springs-Roswell, GA

61

8.75%

4.35%

48.41%

Atlantic City-Hammonton, NJ

254

-0.77%

2.04%

-2.53%

Augusta-Richmond County, GA-SC

228

2.53%

-0.44% 12.42%

Austin-Round Rock, TX

76

8.27%

3.52%

57.58%

Bakersfield, CA

148

5.40%

2.48%

48.95%

Baltimore-Columbia-Towson, MD

200

3.41%

2.16%

13.95%

Barnstable Town, MA

164

4.99%

2.84%

17.59%

Baton Rouge, LA

167

4.86%

3.69%

17.81%

Bellingham, WA

11

12.05%

4.83%

36.14%

Bend-Redmond, OR

9

12.42%

4.98%

92.26%

Billings, MT

222

2.75%

1.55%

21.16%

Birmingham-Hoover, AL

171

4.61%

2.25%

18.08%

Bismarck, ND

217

2.88%

0.09%

35.52%

Blacksburg-Christiansburg-Radford, VA

213

3.04%

5.09%

10.40%

Bloomington, IL

244

1.42%

1.82%

5.99%

Bloomington, IN

86

7.65%

2.19%

18.12%

Boise City, ID

7

12.54%

5.42%

65.69%

Boston, MA (MSAD)

96

7.21%

3.33%

28.94%

Boulder, CO

19

10.84%

3.40%

61.16%

Bowling Green, KY

82

7.91%

5.22%

18.66%

Metropolitan Statistical Area

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

41

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Bremerton-Silverdale, WA

13

11.76%

3.77%

39.57%

Bridgeport-Stamford-Norwalk, CT

240

1.47%

2.39%

6.21%

Buffalo-Cheektowaga-Niagara Falls, NY

112

6.48%

3.63%

21.97%

Burlington-South Burlington, VT

202

3.33%

2.15%

11.16%

Cambridge-Newton-Framingham, MA (MSAD)

87

7.65%

2.79%

30.49%

Camden, NJ (MSAD)

236

1.92%

2.31%

8.48%

Canton-Massillon, OH

201

3.39%

0.78%

16.16%

Cape Coral-Fort Myers, FL

108

6.80%

0.38%

61.27%

Cedar Rapids, IA

221

2.78%

0.23%

8.13%

Champaign-Urbana, IL

229

2.43%

1.24%

7.96%

Charleston-North Charleston, SC

62

8.73%

3.48%

45.46%

Charlotte-Concord-Gastonia, NC-SC

32

10.14%

3.88%

35.78%

Charlottesville, VA

174

4.56%

3.68%

17.30%

Chattanooga, TN-GA

81

7.93%

5.21%

19.99%

Chicago-Naperville-Arlington Heights, IL (MSAD)

166

4.90%

2.03%

21.85%

Chico, CA

29

10.27%

3.58%

44.56%

Cincinnati, OH-KY-IN

134

5.77%

2.82%

17.08%

Cleveland-Elyria, OH

136

5.71%

3.85%

18.90%

Coeur d'Alene, ID

26

10.36%

6.97%

47.46%

Colorado Springs, CO

38

9.70%

3.66%

35.54%

Columbia, MO

203

3.32%

-0.34% 15.64%

Columbia, SC

170

4.64%

2.17%

11.98%

Columbus, GA-AL

185

4.03%

5.08%

7.95%

Columbus, OH

49

9.20%

5.57%

30.66%

Dallas-Plano-Irving, TX (MSAD)

16

11.60%

4.71%

55.88%

Davenport-Moline-Rock Island, IA-IL

193

3.64%

1.84%

12.15%

Dayton, OH

142

5.57%

3.01%

12.99%

Deltona-Daytona Beach-Ormond Beach, FL

3

13.44%

2.71%

61.15%

Denver-Aurora-Lakewood, CO

17

11.35%

3.97%

67.02%

Des Moines-West Des Moines, IA

156

5.24%

1.95%

20.56%

Detroit-Dearborn-Livonia, MI (MSAD)

73

8.32%

2.82%

46.05%

Metropolitan Statistical Area

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

42

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Dubuque, IA

194

3.64%

2.74%

12.47%

Duluth, MN-WI

150

5.39%

2.32%

16.79%

Durham-Chapel Hill, NC

70

8.61%

4.62%

25.39%

Dutchess County-Putnam County, NY (MSAD)

140

5.59%

3.85%

8.29%

Eau Claire, WI

147

5.41%

1.24%

18.69%

El Paso, TX

242

1.45%

0.00%

5.98%

Elgin, IL (MSAD)

144

5.48%

2.13%

21.26%

Elkhart-Goshen, IN

124

6.09%

1.79%

21.50%

Eugene, OR

58

8.81%

3.09%

36.05%

Evansville, IN-KY

231

2.17%

0.74%

10.75%

Fargo, ND-MN

176

4.50%

1.91%

34.67%

Fayetteville-Springdale-Rogers, AR-MO

51

9.09%

1.08%

29.30%

Flint, MI

99

7.07%

3.47%

40.05%

Fond du Lac, WI

208

3.11%

-0.17%

4.47%

Fort Collins, CO

10

12.08%

3.67%

57.43%

Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (MSAD)

65

8.69%

3.52%

62.21%

Fort Wayne, IN

128

5.99%

6.07%

19.94%

Fort Worth-Arlington, TX (MSAD)

14

11.70%

3.87%

44.67%

Fresno, CA

66

8.68%

2.67%

49.64%

Gary, IN (MSAD)

196

3.59%

2.12%

14.65%

Grand Junction, CO

145

5.43%

2.36%

27.02%

Grand Rapids-Wyoming, MI

27

10.31%

4.00%

44.88%

Greeley, CO

21

10.73%

3.68%

62.51%

Green Bay, WI

116

6.36%

1.60%

15.60%

Greensboro-High Point, NC

206

3.20%

3.50%

12.38%

Greenville-Anderson-Mauldin, SC

127

6.00%

0.55%

24.15%

Gulfport-Biloxi-Pascagoula, MS

216

2.93%

3.89%

9.60%

Hagerstown-Martinsburg, MD-WV

250

0.63%

0.09%

12.60%

Harrisburg-Carlisle, PA

247

0.91%

-0.26%

5.09%

Hartford-West Hartford-East Hartford, CT

245

1.27%

1.36%

3.11%

Hickory-Lenoir-Morganton, NC

187

3.84%

2.29%

11.29%

Metropolitan Statistical Area

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

43

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Honolulu ('Urban Honolulu'), HI

133

5.80%

2.24%

35.64%

Houston-The Woodlands-Sugar Land, TX

143

5.51%

2.76%

40.44%

Huntington-Ashland, WV-KY-OH

209

3.07%

2.04%

5.58%

Huntsville, AL

207

3.17%

1.17%

6.95%

Idaho Falls, ID

36

9.91%

5.12%

26.37%

Indianapolis-Carmel-Anderson, IN

100

7.07%

4.94%

22.11%

Iowa City, IA

220

2.83%

1.74%

14.74%

Jackson, MS

238

1.84%

-1.03% 10.33%

Jacksonville, FL

84

7.74%

2.01%

43.72%

Janesville-Beloit, WI

40

9.39%

5.04%

21.42%

Jefferson City, MO

239

1.77%

0.24%

7.35%

Kalamazoo-Portage, MI

101

7.07%

4.85%

26.00%

Kankakee, IL

224

2.65%

0.34%

4.02%

Kansas City, MO-KS

93

7.30%

4.13%

26.04%

Kennewick-Richland, WA

24

10.47%

2.71%

26.16%

Kingsport-Bristol-Bristol, TN-VA

189

3.77%

3.45%

11.77%

Kingston, NY

178

4.45%

3.66%

8.96%

Knoxville, TN

160

5.13%

1.77%

15.96%

La Crosse-Onalaska, WI-MN

111

6.51%

1.51%

18.82%

Lafayette, LA

234

1.97%

0.37%

13.14%

Lafayette-West Lafayette, IN

126

6.05%

6.37%

19.01%

Lake County-Kenosha County, IL-WI (MSAD)

183

4.16%

2.18%

18.44%

Lake Havasu City-Kingman, AZ

97

7.10%

4.78%

45.61%

Lakeland-Winter Haven, FL

55

9.03%

2.36%

51.16%

Lancaster, PA

199

3.44%

0.69%

12.78%

Lansing-East Lansing, MI

79

8.11%

2.45%

28.29%

Las Cruces, NM

249

0.84%

0.36%

2.88%

Las Vegas-Henderson-Paradise, NV

37

9.82%

4.42%

85.72%

Lawrence, KS

110

6.53%

3.86%

15.01%

Lexington-Fayette, KY

123

6.10%

4.21%

18.37%

Lima, OH

46

9.25%

4.74%

13.16%

Metropolitan Statistical Area

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

44

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Lincoln, NE

89

7.58%

4.05%

24.42%

Little Rock-North Little Rock-Conway, AR

214

2.96%

2.34%

9.39%

Logan, UT-ID

44

9.28%

2.94%

25.23%

Los Angeles-Long Beach-Glendale, CA (MSAD)

74

8.28%

1.91%

53.96%

Louisville/Jefferson County, KY-IN

106

6.89%

2.44%

21.09%

Lubbock, TX

149

5.39%

4.07%

22.12%

Lynchburg, VA

241

1.46%

0.71%

8.17%

Madison, WI

94

7.29%

4.30%

21.53%

Manchester-Nashua, NH

107

6.89%

4.08%

20.72%

Mankato-North Mankato, MN

98

7.10%

4.91%

20.66%

Medford, OR

33

10.13%

3.19%

53.42%

Memphis, TN-MS-AR

115

6.37%

2.90%

20.51%

Merced, CA

50

9.14%

2.74%

83.86%

Miami-Miami Beach-Kendall, FL (MSAD)

59

8.78%

2.36%

66.83%

Milwaukee-Waukesha-West Allis, WI

132

5.85%

3.00%

17.10%

Minneapolis-St. Paul-Bloomington, MN-WI

83

7.79%

3.91%

34.73%

Missoula, MT

67

8.66%

3.04%

25.04%

Mobile, AL

184

4.12%

1.80%

10.69%

Modesto, CA

69

8.65%

2.85%

87.66%

Monroe, MI

109

6.67%

3.23%

28.22%

Montgomery County-Bucks County-Chester County, PA (MSAD)

212

3.05%

1.25%

12.51%

Montgomery, AL

253

-0.54%

-2.50%

3.39%

Mount Vernon-Anacortes, WA

1

15.14%

6.29%

41.62%

Muskegon, MI

90

7.46%

2.63%

34.58%

Myrtle Beach-Conway-North Myrtle Beach, SC-NC

157

5.20%

0.87%

17.92%

Napa, CA

60

8.78%

1.85%

71.69%

Nashville-Davidson--Murfreesboro--Franklin, TN

28

10.29%

3.24%

45.69%

Nassau County-Suffolk County, NY (MSAD)

169

4.70%

2.21%

17.37%

New Haven-Milford, CT

248

0.86%

0.63%

2.73%

New Orleans-Metairie, LA

225

2.63%

2.15%

20.61%

New York-Jersey City-White Plains, NY-NJ (MSAD)

182

4.25%

0.54%

17.81%

Metropolitan Statistical Area

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

45

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Newark, NJ-PA (MSAD)

204

3.23%

2.49%

13.23%

Niles-Benton Harbor, MI

95

7.28%

3.19%

22.82%

North Port-Sarasota-Bradenton, FL

54

9.06%

2.74%

71.34%

Norwich-New London, CT

118

6.29%

5.07%

5.17%

Oakland-Hayward-Berkeley, CA (MSAD)

72

8.51%

2.51%

76.06%

Ocean City, NJ

197

3.55%

2.73%

8.96%

Ogden-Clearfield, UT

35

9.93%

4.02%

38.41%

Oklahoma City, OK

191

3.70%

1.31%

19.28%

Olympia-Tumwater, WA

45

9.27%

3.80%

28.79%

Omaha-Council Bluffs, NE-IA

92

7.33%

2.80%

21.36%

Orlando-Kissimmee-Sanford, FL

8

12.47%

3.69%

62.06%

Oshkosh-Neenah, WI

161

5.12%

0.76%

11.03%

Oxnard-Thousand Oaks-Ventura, CA

103

7.06%

2.80%

48.73%

Palm Bay-Melbourne-Titusville, FL

15

11.70%

4.33%

69.63%

Pensacola-Ferry Pass-Brent, FL

80

7.96%

2.58%

30.03%

Peoria, IL

251

0.29%

0.59%

5.32%

Philadelphia, PA (MSAD)

125

6.07%

2.77%

18.66%

Phoenix-Mesa-Scottsdale, AZ

53

9.08%

2.85%

67.65%

Pittsburgh, PA

180

4.28%

3.86%

20.35%

6

12.73%

4.58%

80.15%

Portland-South Portland, ME

129

5.92%

2.47%

18.91%

Portland-Vancouver-Hillsboro, OR-WA

20

10.84%

3.31%

64.72%

Prescott, AZ

43

9.31%

3.12%

54.63%

Providence-Warwick, RI-MA

117

6.30%

2.34%

19.78%

Provo-Orem, UT

47

9.24%

3.23%

45.82%

Pueblo, CO

34

10.00%

3.74%

27.06%

Racine, WI

153

5.32%

5.08%

13.29%

Raleigh, NC

56

9.01%

3.67%

31.13%

Rapid City, SD

165

4.92%

2.14%

20.72%

Reading, PA

139

5.60%

1.68%

9.95%

Redding, CA

138

5.61%

2.26%

39.88%

Metropolitan Statistical Area

Port St. Lucie, FL

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

46

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Reno, NV

30

10.24%

3.24%

93.37%

Richmond, VA

122

6.17%

1.93%

21.11%

Riverside-San Bernardino-Ontario, CA

78

8.16%

2.30%

66.64%

Roanoke, VA

158

5.17%

1.70%

10.48%

Rochester, MN

57

8.94%

2.75%

26.49%

Rochester, NY

235

1.95%

1.53%

10.18%

Rockford, IL

195

3.61%

3.71%

3.91%

Rockingham County-Strafford County, NH (MSAD)

135

5.73%

2.38%

23.01%

Sacramento--Roseville--Arden-Arcade, CA

25

10.40%

3.40%

70.05%

Salem, OR

4

13.08%

4.98%

49.73%

Salinas, CA

39

9.70%

2.66%

70.48%

Salisbury, MD-DE

233

2.05%

-1.79%

7.80%

Salt Lake City, UT

31

10.21%

3.20%

45.60%

San Antonio-New Braunfels, TX

48

9.23%

3.88%

33.30%

San Diego-Carlsbad, CA

68

8.65%

3.02%

53.02%

San Francisco-Redwood City-South San Francisco, CA (MSAD)

102

7.06%

1.91%

73.71%

San Jose-Sunnyvale-Santa Clara, CA

159

5.17%

2.10%

67.59%

San Luis Obispo-Paso Robles-Arroyo Grande, CA

105

6.90%

3.24%

49.44%

San Rafael, CA (MSAD)

219

2.85%

0.24%

48.03%

Santa Cruz-Watsonville, CA

63

8.71%

2.88%

58.05%

Santa Fe, NM

155

5.27%

3.49%

17.26%

Santa Maria-Santa Barbara, CA

137

5.63%

2.01%

51.77%

Santa Rosa, CA

64

8.71%

1.81%

72.08%

Savannah, GA

186

3.90%

1.59%

27.10%

Scranton--Wilkes-Barre--Hazleton, PA

230

2.35%

-0.14%

2.68%

Seattle-Bellevue-Everett, WA (MSAD)

2

14.04%

5.82%

67.32%

Sheboygan, WI

121

6.21%

2.62%

12.51%

Shreveport-Bossier City, LA

227

2.61%

0.44%

6.08%

Silver Spring-Frederick-Rockville, MD (MSAD)

215

2.94%

2.38%

17.37%

Sioux City, IA-NE-SD

163

5.01%

0.56%

23.20%

Sioux Falls, SD

114

6.38%

1.43%

25.08%

Metropolitan Statistical Area

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

47

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

South Bend-Mishawaka, IN-MI

168

4.80%

1.93%

16.73%

Spartanburg, SC

130

5.87%

4.34%

16.91%

Spokane-Spokane Valley, WA

22

10.69%

5.59%

29.07%

Springfield, IL

246

1.14%

-0.53%

8.70%

Springfield, MA

162

5.12%

2.95%

11.48%

Springfield, MO

152

5.34%

3.41%

16.89%

St. Cloud, MN

151

5.38%

3.32%

19.92%

St. George, UT

104

7.05%

1.40%

41.63%

St. Louis, MO-IL

173

4.57%

1.66%

15.41%

Stockton-Lodi, CA

23

10.59%

3.35%

86.78%

Syracuse, NY

205

3.20%

1.27%

7.12%

5

12.76%

4.76%

50.21%

Tallahassee, FL

131

5.87%

6.99%

22.06%

Tampa-St. Petersburg-Clearwater, FL

18

11.32%

4.22%

61.08%

Toledo, OH

198

3.53%

2.00%

15.52%

Topeka, KS

181

4.28%

5.65%

11.83%

Trenton, NJ

223

2.70%

4.07%

8.43%

Tucson, AZ

88

7.60%

4.12%

32.39%

Tulsa, OK

179

4.38%

1.50%

16.84%

Vallejo-Fairfield, CA

52

9.09%

1.64%

86.40%

Virginia Beach-Norfolk-Newport News, VA-NC

218

2.87%

1.95%

10.39%

Visalia-Porterville, CA

91

7.39%

1.34%

47.42%

Warren-Troy-Farmington Hills, MI (MSAD)

85

7.71%

2.48%

49.49%

Washington-Arlington-Alexandria, DC-VA-MD-WV (MSAD)

154

5.27%

3.48%

26.58%

Waterloo-Cedar Falls, IA

210

3.07%

3.03%

9.07%

Wausau, WI

226

2.61%

1.87%

9.91%

Wenatchee, WA

77

8.20%

2.16%

33.05%

West Palm Beach-Boca Raton-Delray Beach, FL (MSAD)

41

9.39%

2.61%

71.75%

Wichita, KS

177

4.47%

4.43%

15.73%

Wilmington, DE-MD-NJ (MSAD)

243

1.43%

1.18%

10.06%

Wilmington, NC

75

8.27%

3.20%

23.80%

Metropolitan Statistical Area

Tacoma-Lakewood, WA (MSAD)

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

48

Rankings by Metropolitan Areas Percent Change in House Prices with MSA Rankings All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 National Ranking*

1-Yr

Qtr

5-Yr

Winston-Salem, NC

175

4.50%

4.30%

12.46%

Worcester, MA-CT

120

6.23%

3.27%

18.88%

Yakima, WA

141

5.58%

2.13%

18.01%

York-Hanover, PA

188

3.83%

1.54%

10.07%

Youngstown-Warren-Boardman, OH-PA

211

3.06%

2.96%

15.45%

Yuba City, CA

12

12.00%

2.38%

71.11%

Metropolitan Statistical Area

Note: Purchase-only indexes, which omit appraisal values, are available for select metro areas at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qpo. For composition of metropolitan statistical areas and divisions see FHFA HPI FAQ #7 or https://obamawhitehouse.archives.gov/sites/default/files/omb/bulletins/2015/15-01.pdf.

Source: FHFA

*Rankings based on annual percentage change for all MSAs containing at least 15,000 transactions over the last 10 years.

49

Unranked Metropolitan Areas Percent Change in House Prices for MSAs and Divisions Not Ranked in Previous Tables All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 Metropolitan Statistical Area

1-Yr

5-Yr

Abilene, TX

6.51%

25.49%

Albany, GA

2.34%

3.26%

Albany, OR

13.50%

45.23%

Alexandria, LA

3.11%

12.80%

Altoona, PA

-1.00%

7.21%

Ames, IA

5.49%

25.62%

Anniston-Oxford-Jacksonville, AL

2.16%

8.06%

Auburn-Opelika, AL

7.12%

15.10%

Bangor, ME

-2.27%

4.56%

Battle Creek, MI

5.65%

16.82%

Bay City, MI

6.83%

12.48%

Beaumont-Port Arthur, TX

4.72%

16.76%

Beckley, WV

-7.18%

1.70%

Binghamton, NY

0.77%

1.93%

Bloomsburg-Berwick, PA

-0.35%

6.64%

Brownsville-Harlingen, TX

5.07%

11.14%

Brunswick, GA

-1.51%

21.25%

Burlington, NC

2.84%

9.99%

California-Lexington Park, MD

0.40%

6.41%

Cape Girardeau, MO-IL

0.74%

8.30%

Carbondale-Marion, IL

0.40%

1.29%

Carson City, NV

13.28%

75.01%

Casper, WY

-2.24%

11.25%

Chambersburg-Waynesboro, PA

0.08%

4.96%

Charleston, WV

-1.06%

1.70%

Cheyenne, WY

4.54%

21.45%

Clarksville, TN-KY

1.70%

7.96%

50

Unranked Metropolitan Areas Percent Change in House Prices for MSAs and Divisions Not Ranked in Previous Tables All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 Metropolitan Statistical Area

1-Yr

5-Yr

Cleveland, TN

4.95%

10.70%

College Station-Bryan, TX

8.70%

36.55%

Columbus, IN

3.03%

12.71%

Corpus Christi, TX

5.04%

32.41%

Corvallis, OR

5.62%

31.82%

Crestview-Fort Walton Beach-Destin, FL

9.15%

33.18%

Cumberland, MD-WV

10.75%

1.32%

Dalton, GA

5.10%

27.54%

Danville, IL

3.54%

10.25%

Daphne-Fairhope-Foley, AL

5.56%

28.52%

Decatur, AL

6.97%

9.13%

Decatur, IL

0.28%

2.28%

Dothan, AL

3.99%

6.68%

Dover, DE

0.16%

11.42%

East Stroudsburg, PA

14.90%

7.21%

El Centro, CA

8.64%

60.15%

Elizabethtown-Fort Knox, KY

7.74%

9.52%

Elmira, NY

2.19%

3.42%

Enid, OK

-1.28%

16.58%

Erie, PA

3.69%

10.96%

Fairbanks, AK

2.62%

8.43%

Farmington, NM

0.01%

5.12%

Fayetteville, NC

1.36%

0.98%

Flagstaff, AZ

8.01%

47.64%

Florence, SC

1.83%

6.07%

Florence-Muscle Shoals, AL

4.47%

10.18%

Fort Smith, AR-OK

1.49%

6.62%

51

Unranked Metropolitan Areas Percent Change in House Prices for MSAs and Divisions Not Ranked in Previous Tables All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 Metropolitan Statistical Area

1-Yr

5-Yr

Gadsden, AL

0.23%

4.37%

Gainesville, FL

10.89%

28.28%

Gainesville, GA

7.95%

42.54%

Gettysburg, PA

1.02%

5.77%

Glens Falls, NY

3.67%

6.66%

Goldsboro, NC

-3.32%

1.79%

Grand Forks, ND-MN

4.21%

33.70%

Grand Island, NE

6.96%

26.46%

Grants Pass, OR

8.31%

46.55%

Great Falls, MT

0.37%

14.43%

Greenville, NC

6.45%

10.30%

Hammond, LA

-0.36%

8.50%

Hanford-Corcoran, CA

9.71%

41.40%

Harrisonburg, VA

3.97%

13.28%

Hattiesburg, MS

3.13%

9.24%

Hilton Head Island-Bluffton-Beaufort, SC

9.77%

21.93%

Hinesville, GA

12.52%

15.24%

Homosassa Springs, FL

1.12%

29.54%

Hot Springs, AR

9.31%

13.12%

Houma-Thibodaux, LA

-1.48%

10.80%

Ithaca, NY

0.31%

14.72%

Jackson, MI

7.69%

32.92%

Jackson, TN

2.48%

9.88%

Jacksonville, NC

0.71%

-3.24%

Johnson City, TN

4.74%

9.92%

Johnstown, PA

-3.68%

4.15%

Jonesboro, AR

3.50%

11.77%

52

Unranked Metropolitan Areas Percent Change in House Prices for MSAs and Divisions Not Ranked in Previous Tables All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 Metropolitan Statistical Area

1-Yr

5-Yr

Joplin, MO

-0.25%

5.70%

Kahului-Wailuku-Lahaina, HI

10.42%

52.76%

Killeen-Temple, TX

5.42%

12.07%

Kokomo, IN

10.07%

23.46%

Lake Charles, LA

2.75%

26.16%

Laredo, TX

2.11%

16.82%

Lawton, OK

2.01%

0.02%

Lebanon, PA

0.71%

4.26%

Lewiston, ID-WA

5.27%

17.96%

Lewiston-Auburn, ME

7.84%

15.97%

Longview, TX

0.73%

8.09%

Longview, WA

12.42%

44.51%

Macon, GA

3.08%

11.06%

Madera, CA

8.18%

59.90%

Manhattan, KS

-1.77%

9.44%

Mansfield, OH

5.02%

14.04%

McAllen-Edinburg-Mission, TX

0.21%

11.56%

Michigan City-La Porte, IN

3.28%

13.39%

Midland, MI

4.24%

10.05%

Midland, TX

5.04%

26.85%

Monroe, LA

5.71%

16.76%

Morgantown, WV

4.52%

15.35%

Morristown, TN

4.87%

11.02%

Muncie, IN

-2.36%

8.90%

Naples-Immokalee-Marco Island, FL

6.62%

68.70%

New Bern, NC

4.97%

4.69%

Ocala, FL

9.24%

34.64%

53

Unranked Metropolitan Areas Percent Change in House Prices for MSAs and Divisions Not Ranked in Previous Tables All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 Metropolitan Statistical Area

1-Yr

5-Yr

Odessa, TX

-2.67%

21.93%

Owensboro, KY

2.00%

15.21%

Panama City, FL

6.05%

32.58%

Parkersburg-Vienna, WV

12.11%

21.38%

Pine Bluff, AR

-7.85%

-1.38%

Pittsfield, MA

4.97%

2.54%

Pocatello, ID

8.42%

17.82%

Punta Gorda, FL

10.36%

61.88%

Rocky Mount, NC

3.29%

3.93%

Rome, GA

5.85%

19.38%

Saginaw, MI

0.25%

12.01%

San Angelo, TX

1.75%

24.45%

Sebastian-Vero Beach, FL

11.92%

63.70%

Sebring, FL

4.79%

32.52%

Sherman-Denison, TX

13.22%

42.97%

Sierra Vista-Douglas, AZ

-0.85%

-1.36%

Springfield, OH

8.57%

14.08%

St. Joseph, MO-KS

-1.83%

7.38%

State College, PA

2.64%

17.89%

Staunton-Waynesboro, VA

3.18%

9.19%

Sumter, SC

-1.90%

6.46%

Terre Haute, IN

3.60%

9.21%

Texarkana, TX-AR

2.55%

13.80%

The Villages, FL

1.60%

27.29%

Tuscaloosa, AL

4.00%

11.98%

54

Unranked Metropolitan Areas Percent Change in House Prices for MSAs and Divisions Not Ranked in Previous Tables All-transactions HPI which includes purchase and refinance mortgages

Period ended June 30, 2017 Metropolitan Statistical Area

1-Yr

5-Yr

Tyler, TX

6.04%

19.10%

Utica-Rome, NY

1.64%

8.93%

Valdosta, GA

-1.23%

3.26%

Victoria, TX

1.27%

21.24%

Vineland-Bridgeton, NJ

-0.29%

0.26%

Waco, TX

9.09%

25.59%

Walla Walla, WA

10.42%

26.65%

Warner Robins, GA

3.30%

6.07%

Watertown-Fort Drum, NY

-1.94%

-1.01%

Weirton-Steubenville, WV-OH

12.26%

26.72%

Wheeling, WV-OH

2.97%

18.85%

Wichita Falls, TX

2.30%

11.52%

Williamsport, PA

2.09%

13.58%

Winchester, VA-WV

6.13%

24.71%

Yuma, AZ

6.00%

20.60%

For composition of metropolitan statistical areas and divisions see FHFA HPI FAQ #7 or https://obamawhitehouse.archives.gov/sites/default/files/omb/bulletins/2015/15-01.pdf.

Source: FHFA

55

HOUSE PRICE INDEX (HPI) STATISTICAL REPORT Purchase-Only House Price Index 1st Quarter 1991* to 2nd Quarter 2017 This report contains the index number and standard error for each quarterly census division and state HPI since the first quarter of 1991. The number in each column is the index number. The number in parentheses is the standard error, which indicates the relative precision of the index number estimate. The higher the standard error, the larger the range of possible statistical error. Higher error numbers are generally associated with areas having relatively few repeat transactions and also with areas experiencing more pronounced economic cycles which can result in wide swings in house prices. This report also contains house price volatility parameter estimates and annualized volatility estimates for each division and state index. The United States index is constructed to reflect the weighted average quarterly price change for the fifty states and Washington, D.C. The weights are the estimated share of one-unit detached housing units in the respective states. For details on the index methodology and derivation of standard errors and volatility estimates, see the paper OFHEO House Price Indexes: HPI Technical Description. This paper is available upon request from FHFA or at https://www.fhfa.gov/PolicyProgramsResearch/Research/Pages/HPITechnical-Description.aspx. *Note that, prior to the release of the 2009Q1 data, the index values reported in this section of the HPI report reflected the “all-transactions” HPI, which is estimated using sales prices and appraisal values. The all-transactions indexes and the associated volatility parameters are still available for download at https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-IndexDatasets.aspx#atvol. You may also inquire with House Price Index questions on the Data and Research Contact page at https://www.fhfa.gov/AboutUs/Contact/Pages/Data-and-ResearchForm.aspx.

56

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

United States

New England

Middle Atlantic

South Atlantic

East South Central

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 100.51 100.79 101.47 102.27 102.69 103.71 104.24 103.86 105.51 106.46 107.09 107.65 109.24 110.12 110.15 110.49 111.84 113.07 113.08 113.76 115.39 116.32 116.24 116.67 118.58 119.58 120.08 121.28 123.99 125.72 126.92 128.52 131.51 133.65 134.77 136.84 140.29 142.68 144.19 146.49 150.09 152.62 153.91 156.04 160.29 163.67 165.71 168.08 172.37 176.10 178.70 182.04

100.00 98.55 97.63 97.55 98.23 96.28 96.49 97.04 94.10 95.38 95.48 95.16 95.24 95.98 96.19 95.63 95.09 96.32 97.10 96.40 97.28 98.63 99.55 98.99 98.83 101.33 102.35 103.32 104.01 107.62 110.08 111.48 113.02 117.61 121.06 122.66 125.05 131.32 135.21 138.14 141.17 147.61 152.88 154.75 157.76 165.63 172.50 175.37 178.01 184.58 189.78 194.11 196.75

100.00 99.60 99.98 100.59 101.31 101.18 101.69 102.36 100.81 102.28 102.45 102.37 101.78 102.54 103.03 101.66 100.86 102.22 102.83 101.65 101.75 102.92 103.56 102.58 102.33 104.17 104.82 104.67 104.82 107.63 109.25 109.74 110.53 113.80 116.46 117.30 118.92 122.41 125.35 127.17 129.01 133.20 137.27 139.25 141.79 147.28 152.48 155.52 158.77 163.85 169.40 172.56 176.25

100.00 100.48 100.27 101.38 101.92 101.81 103.09 103.54 103.11 104.57 105.39 105.98 106.55 107.90 108.99 109.52 110.07 110.64 112.07 112.24 113.25 114.30 115.39 115.33 116.47 117.51 118.22 119.17 120.28 122.19 123.49 124.61 126.42 128.67 130.42 131.79 133.50 136.55 138.71 140.26 142.85 146.01 148.79 150.45 153.23 156.92 160.15 162.75 165.52 169.84 173.53 176.63 180.96

100.00 100.58 100.82 101.93 103.37 103.52 105.25 106.03 106.64 108.33 109.87 110.99 112.78 114.69 116.01 116.68 117.97 119.54 121.10 122.17 122.85 124.96 126.55 126.99 128.22 129.63 130.39 130.55 131.96 134.40 135.45 136.79 138.32 140.09 141.36 142.01 143.26 145.22 145.91 146.12 147.03 148.92 149.84 150.85 151.52 153.14 154.65 155.91 157.11 159.55 161.60 162.12 163.80

Source: FHFA

57

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

United States

New England

Middle Atlantic

South Atlantic

East South Central

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

188.46 193.69 196.80 200.98 208.51 214.25 216.84 219.27 223.54 224.24 223.24 223.60 226.14 223.54 217.44 211.26 208.56 203.59 195.60 193.29 193.86 193.06 190.84 187.39 190.15 187.16 183.17 177.43 179.84 180.83 178.83 177.99 185.15 187.47 187.86 190.06 198.50 202.01 201.36 202.36 208.72 211.23 211.00 212.69 220.22 222.97 223.31 225.51 233.18 236.91 237.45 239.93 248.63

205.68 212.22 214.35 218.25 225.43 228.91 227.62 227.25 229.21 227.04 223.50 222.59 225.23 223.16 218.44 214.79 212.85 208.94 204.21 204.92 204.54 202.34 200.61 197.29 199.19 198.92 196.22 190.90 194.16 193.70 191.72 187.97 192.40 193.76 192.91 193.17 199.71 202.59 199.53 199.04 205.63 208.01 204.85 205.54 213.12 214.55 212.63 212.54 219.99 222.48 222.58 224.48 232.48

183.48 189.03 193.60 196.50 203.30 210.97 212.71 214.72 218.62 219.23 218.18 217.91 221.75 220.75 218.20 215.18 214.47 212.99 207.09 204.76 204.79 204.66 203.26 202.13 203.03 201.51 199.93 194.52 196.98 196.82 192.74 191.41 195.92 196.55 195.31 194.82 200.81 202.80 201.11 199.29 205.82 206.55 205.79 204.53 209.89 212.48 211.14 211.01 217.62 220.42 219.90 220.18 226.43

187.64 194.11 199.25 206.00 215.35 223.32 228.58 232.87 237.46 238.79 239.88 240.12 242.05 238.00 231.28 223.65 217.67 209.48 198.38 196.70 195.88 194.33 190.51 186.56 188.59 183.62 180.08 173.21 175.15 176.62 175.84 174.85 181.85 184.01 184.48 187.41 195.58 198.69 198.95 200.35 206.52 208.10 209.02 211.25 219.16 221.53 223.23 226.63 234.12 237.64 239.44 241.55 250.49

166.93 169.67 170.60 173.30 176.94 180.38 183.18 186.54 191.05 193.06 194.33 195.81 199.79 199.34 197.67 195.03 196.66 193.82 189.80 187.54 190.04 188.82 187.83 182.04 185.03 183.80 179.39 174.88 177.75 179.88 177.67 176.55 183.00 182.32 182.67 182.85 189.52 190.26 189.18 189.12 194.46 196.01 195.70 197.72 203.20 204.86 205.44 207.12 212.83 216.13 216.79 219.37 225.24

Source: FHFA

58

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

West South Central

West North Central

East North Central

Mountain

Pacific

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 100.92 101.58 101.60 102.58 103.29 104.46 105.49 105.72 107.58 109.13 110.38 111.36 112.97 113.60 113.86 114.01 115.75 116.94 117.42 117.93 119.47 120.18 120.18 120.59 122.35 123.09 123.82 125.33 127.45 129.55 130.67 131.96 134.76 136.66 137.85 139.68 142.71 144.56 145.44 146.89 149.49 150.94 151.25 151.99 154.96 155.99 156.69 157.54 159.79 161.28 161.68 163.10

100.00 100.63 101.09 101.64 102.79 104.17 105.59 105.97 106.89 109.19 111.23 112.50 113.78 115.80 117.28 117.46 118.31 120.64 122.51 123.10 123.96 126.37 127.88 127.98 128.68 130.71 132.30 132.69 134.41 136.89 139.18 141.25 142.77 146.34 148.50 148.95 151.41 155.32 157.71 158.51 160.50 165.00 167.44 168.23 169.58 173.89 176.51 177.66 179.72 183.31 186.51 187.46 189.52

100.00 101.33 102.01 102.64 103.76 105.53 106.48 107.46 107.79 110.10 111.59 112.48 113.64 116.13 117.21 117.96 119.11 121.45 123.10 123.80 125.02 127.86 128.92 129.35 129.90 132.28 133.44 133.71 134.77 137.38 139.05 140.21 141.60 144.68 146.79 147.40 149.24 152.54 154.69 154.98 156.61 159.95 161.80 162.40 163.68 166.94 169.07 169.73 170.85 174.63 176.91 177.66 178.54

100.00 101.38 101.88 103.83 105.23 106.83 108.59 110.74 112.03 115.46 118.60 121.31 123.63 127.81 130.07 131.61 132.71 135.18 137.57 138.00 139.21 141.78 143.06 143.14 143.93 146.41 147.45 147.64 148.70 151.81 153.46 154.52 156.37 159.52 162.14 163.25 165.30 168.68 170.61 172.35 175.59 178.96 180.39 181.63 183.58 186.89 189.54 191.68 193.55 197.96 201.78 204.81 209.68

100.00 100.19 100.40 100.83 100.74 100.32 100.79 99.70 98.13 98.26 97.56 97.08 96.24 96.82 97.00 96.01 95.73 95.74 96.13 95.31 95.30 96.01 96.40 96.28 96.01 98.24 99.61 100.26 102.22 105.89 107.71 109.13 111.52 114.70 116.76 118.65 121.92 125.69 128.91 132.22 136.03 140.25 143.00 145.03 148.90 155.51 161.52 165.34 170.24 176.93 183.81 191.16 199.22

Source: FHFA

59

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

West South Central

West North Central

East North Central

Mountain

Pacific

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

166.36 167.67 168.74 170.58 174.62 177.45 180.17 182.91 187.08 189.68 191.21 193.47 197.03 198.47 197.46 195.74 197.84 197.68 193.27 192.96 196.30 195.62 195.05 193.19 197.11 195.02 190.57 188.68 192.78 191.85 191.85 192.56 199.06 201.09 201.37 204.37 211.01 211.92 213.19 216.64 221.10 224.49 225.08 228.82 236.01 238.86 239.19 242.66 249.69 253.79 254.20 257.66 266.74

193.96 196.91 197.73 198.94 204.35 206.83 207.39 208.66 212.35 213.65 211.54 212.46 215.59 215.41 210.14 206.52 208.04 205.83 200.93 199.90 202.55 201.86 199.95 194.90 200.91 197.36 192.76 186.88 190.88 193.06 190.64 190.00 196.14 198.78 198.13 198.56 205.29 208.94 206.99 207.41 213.54 216.13 214.77 214.32 222.63 225.59 224.91 226.62 234.03 238.46 237.63 238.81 247.59

182.92 185.18 185.23 185.77 190.46 191.99 191.60 190.86 194.61 194.27 191.37 190.59 192.79 190.28 184.93 180.25 180.32 177.23 170.75 169.68 171.29 170.12 166.99 162.90 166.71 164.84 161.86 155.04 158.65 160.59 157.63 154.97 162.35 164.23 162.13 162.17 170.62 173.65 171.30 170.69 177.73 180.42 178.92 178.45 186.39 187.84 186.82 187.39 195.14 198.84 197.72 199.00 206.91

218.53 226.07 230.90 239.81 253.90 264.50 272.00 278.64 286.19 288.02 290.12 290.86 294.33 291.24 280.15 272.30 266.18 255.62 240.18 234.92 231.08 227.57 222.66 218.68 218.56 213.02 206.19 199.62 199.63 201.66 199.59 201.87 214.41 221.09 223.66 228.50 241.09 246.92 248.11 251.02 257.74 261.10 262.08 268.21 276.54 283.72 284.05 289.00 299.68 304.79 307.26 313.35 324.44

211.88 224.78 232.72 242.95 257.74 270.77 274.94 278.74 283.08 281.33 275.81 275.72 275.17 265.30 248.46 230.56 217.78 206.69 194.53 187.50 186.58 188.49 188.05 185.48 187.79 184.09 178.31 172.04 171.88 172.00 169.73 169.96 178.38 182.49 187.29 193.99 206.49 215.13 215.66 219.06 226.50 230.86 231.64 235.63 244.09 248.31 251.39 255.18 264.14 268.22 270.51 275.69 287.56

Source: FHFA

60

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Alabama

Alaska

Arizona

Arkansas

California

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 101.72 ( 0.63) 102.79 ( 0.63) 103.46 ( 0.65) 104.45 ( 0.60) 104.71 ( 0.61) 107.01 ( 0.59) 108.48 ( 0.62) 109.06 ( 0.66) 110.11 ( 0.62) 112.15 ( 0.64) 113.37 ( 0.65) 114.19 ( 0.68) 116.42 ( 0.68) 117.29 ( 0.70) 118.01 ( 0.79) 118.54 ( 0.79) 119.79 ( 0.70) 121.68 ( 0.70) 121.94 ( 0.72) 122.94 ( 0.72) 125.28 ( 0.71) 125.86 ( 0.72) 126.74 ( 0.75) 127.90 ( 0.76) 128.50 ( 0.73) 129.89 ( 0.73) 129.74 ( 0.75) 131.03 ( 0.74) 133.09 ( 0.74) 134.34 ( 0.74) 135.76 ( 0.76) 136.62 ( 0.78) 138.26 ( 0.76) 138.86 ( 0.78) 139.82 ( 0.82) 141.45 ( 0.84) 142.77 ( 0.80) 142.99 ( 0.80) 143.16 ( 0.83) 144.53 ( 0.82) 146.48 ( 0.80) 147.20 ( 0.81) 147.64 ( 0.83) 148.85 ( 0.85) 150.67 ( 0.83) 151.77 ( 0.83) 153.55 ( 0.86) 154.51 ( 0.88) 156.88 ( 0.85) 159.91 ( 0.87) 159.32 ( 0.91) 160.51 ( 0.92)

100.00 ( . ) 100.56 ( 1.75) 101.86 ( 1.70) 102.06 ( 1.76) 102.31 ( 1.66) 103.93 ( 1.64) 104.76 ( 1.63) 104.07 ( 1.66) 104.86 ( 1.77) 106.92 ( 1.68) 107.94 ( 1.64) 110.38 ( 1.76) 110.75 ( 1.83) 111.29 ( 1.80) 112.47 ( 1.81) 111.05 ( 1.85) 114.53 ( 1.98) 116.40 ( 1.87) 117.54 ( 1.83) 117.24 ( 1.94) 120.82 ( 2.09) 120.96 ( 1.92) 120.82 ( 1.94) 123.03 ( 2.08) 123.02 ( 2.22) 124.71 ( 2.01) 125.04 ( 2.00) 125.27 ( 2.04) 125.49 ( 2.14) 129.13 ( 2.08) 129.90 ( 2.03) 130.55 ( 2.12) 131.44 ( 2.19) 133.85 ( 2.14) 134.42 ( 2.10) 130.74 ( 2.19) 132.91 ( 2.33) 136.37 ( 2.25) 137.89 ( 2.25) 136.43 ( 2.22) 139.63 ( 2.33) 144.48 ( 2.25) 146.54 ( 2.28) 147.71 ( 2.32) 148.62 ( 2.39) 153.04 ( 2.39) 157.66 ( 2.44) 156.51 ( 2.45) 159.54 ( 2.59) 163.93 ( 2.57) 166.37 ( 2.57) 170.08 ( 2.67) 174.58 ( 2.87)

100.00 ( . ) 100.47 ( 0.72) 99.32 ( 0.70) 102.08 ( 0.73) 102.36 ( 0.70) 101.60 ( 0.68) 102.76 ( 0.68) 103.80 ( 0.69) 104.15 ( 0.72) 105.44 ( 0.69) 106.76 ( 0.69) 109.29 ( 0.71) 109.95 ( 0.72) 112.61 ( 0.73) 114.09 ( 0.75) 116.39 ( 0.80) 117.37 ( 0.82) 118.72 ( 0.78) 120.98 ( 0.78) 121.69 ( 0.80) 123.25 ( 0.80) 124.89 ( 0.80) 126.19 ( 0.81) 126.30 ( 0.84) 127.33 ( 0.84) 129.33 ( 0.83) 130.60 ( 0.83) 131.28 ( 0.85) 132.41 ( 0.85) 135.47 ( 0.85) 137.54 ( 0.86) 138.60 ( 0.87) 140.80 ( 0.89) 143.38 ( 0.89) 145.71 ( 0.91) 147.16 ( 0.94) 149.33 ( 0.95) 152.04 ( 0.94) 153.34 ( 0.96) 155.86 ( 0.98) 157.95 ( 0.98) 161.30 ( 0.98) 162.98 ( 1.00) 166.01 ( 1.04) 166.93 ( 1.04) 170.41 ( 1.04) 173.06 ( 1.06) 176.66 ( 1.09) 179.66 ( 1.11) 183.78 ( 1.12) 187.66 ( 1.15) 193.09 ( 1.21) 199.00 ( 1.26)

100.00 ( . ) 100.30 ( 1.00) 101.77 ( 0.95) 102.84 ( 0.98) 102.83 ( 0.89) 103.99 ( 0.96) 105.06 ( 0.91) 105.76 ( 0.91) 107.54 ( 0.99) 109.62 ( 0.94) 111.60 ( 0.94) 111.64 ( 0.95) 115.25 ( 1.02) 116.63 ( 1.03) 116.97 ( 1.06) 119.29 ( 1.18) 118.87 ( 1.19) 121.48 ( 1.10) 123.13 ( 1.09) 123.54 ( 1.12) 124.26 ( 1.13) 125.89 ( 1.11) 125.41 ( 1.11) 126.18 ( 1.17) 127.20 ( 1.18) 128.21 ( 1.14) 128.59 ( 1.14) 129.20 ( 1.15) 129.50 ( 1.15) 129.88 ( 1.11) 132.60 ( 1.14) 132.71 ( 1.17) 133.87 ( 1.20) 135.51 ( 1.17) 136.42 ( 1.19) 137.06 ( 1.24) 137.21 ( 1.25) 140.09 ( 1.22) 140.49 ( 1.22) 141.23 ( 1.27) 142.76 ( 1.26) 143.94 ( 1.22) 145.87 ( 1.25) 146.07 ( 1.27) 147.26 ( 1.30) 150.23 ( 1.29) 151.46 ( 1.29) 152.64 ( 1.32) 154.48 ( 1.34) 157.24 ( 1.32) 160.63 ( 1.35) 161.35 ( 1.39) 164.70 ( 1.43)

100.00 ( . ) 99.68 ( 0.18) 99.55 ( 0.19) 99.69 ( 0.19) 99.04 ( 0.18) 98.02 ( 0.18) 97.74 ( 0.18) 95.97 ( 0.18) 93.68 ( 0.20) 92.97 ( 0.19) 91.47 ( 0.18) 90.27 ( 0.18) 88.84 ( 0.19) 88.59 ( 0.18) 88.37 ( 0.20) 86.97 ( 0.21) 86.20 ( 0.22) 86.05 ( 0.19) 86.25 ( 0.18) 85.16 ( 0.18) 84.99 ( 0.19) 85.13 ( 0.18) 85.46 ( 0.18) 85.25 ( 0.19) 84.76 ( 0.19) 86.91 ( 0.18) 88.11 ( 0.18) 88.93 ( 0.19) 90.95 ( 0.19) 94.42 ( 0.18) 96.50 ( 0.19) 98.07 ( 0.19) 100.59 ( 0.20) 103.82 ( 0.19) 106.16 ( 0.20) 108.34 ( 0.22) 111.74 ( 0.23) 116.11 ( 0.22) 119.88 ( 0.22) 123.86 ( 0.23) 127.98 ( 0.24) 132.58 ( 0.24) 135.54 ( 0.25) 138.08 ( 0.26) 142.44 ( 0.26) 149.89 ( 0.27) 157.21 ( 0.28) 161.81 ( 0.29) 167.53 ( 0.31) 175.11 ( 0.31) 182.98 ( 0.33) 191.77 ( 0.38) 201.09 ( 0.41)

Source: FHFA

61

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Alabama

Alaska

Arizona

Arkansas

California

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

163.97 ( 0.90) 167.89 ( 0.92) 168.92 ( 0.96) 171.74 ( 0.97) 175.61 ( 0.96) 179.58 ( 0.98) 182.98 ( 1.02) 187.31 ( 1.05) 192.64 ( 1.05) 195.53 ( 1.07) 196.65 ( 1.12) 198.27 ( 1.12) 202.88 ( 1.11) 202.87 ( 1.13) 200.82 ( 1.17) 198.80 ( 1.19) 199.26 ( 1.21) 196.80 ( 1.26) 191.62 ( 1.42) 192.35 ( 1.38) 193.52 ( 1.33) 189.09 ( 1.36) 193.49 ( 1.51) 183.41 ( 1.59) 183.65 ( 1.34) 183.34 ( 1.45) 175.27 ( 1.44) 171.07 ( 1.46) 173.21 ( 1.30) 174.79 ( 1.34) 171.86 ( 1.42) 173.94 ( 1.42) 180.17 ( 1.33) 177.40 ( 1.35) 178.43 ( 1.41) 177.84 ( 1.44) 183.98 ( 1.30) 185.84 ( 1.36) 183.27 ( 1.44) 183.92 ( 1.57) 186.55 ( 1.35) 189.82 ( 1.38) 191.16 ( 1.50) 188.51 ( 1.48) 196.31 ( 1.44) 197.32 ( 1.50) 194.09 ( 1.61) 197.01 ( 1.64) 203.33 ( 1.48) 205.74 ( 1.53) 205.15 ( 1.71) 207.28 ( 1.74) 212.16 ( 1.65)

178.42 ( 2.77) 184.97 ( 2.84) 187.02 ( 2.97) 191.97 ( 3.06) 199.33 ( 3.06) 206.35 ( 3.16) 207.32 ( 3.25) 210.94 ( 3.37) 218.51 ( 3.37) 219.90 ( 3.36) 219.11 ( 3.49) 220.60 ( 3.60) 228.76 ( 3.54) 226.38 ( 3.49) 221.57 ( 3.53) 216.90 ( 3.76) 226.00 ( 3.62) 223.49 ( 3.69) 224.24 ( 3.95) 223.55 ( 3.85) 218.30 ( 3.64) 217.38 ( 3.62) 215.15 ( 3.71) 212.11 ( 4.03) 222.16 ( 3.73) 225.49 ( 3.93) 220.17 ( 3.84) 221.94 ( 4.08) 225.08 ( 3.97) 227.46 ( 3.95) 223.13 ( 4.05) 215.09 ( 4.28) 226.62 ( 3.95) 230.37 ( 3.88) 227.68 ( 4.14) 226.60 ( 4.38) 234.85 ( 4.06) 234.04 ( 4.01) 232.34 ( 4.09) 227.00 ( 4.26) 238.03 ( 4.16) 240.86 ( 4.19) 242.72 ( 4.69) 239.94 ( 5.01) 247.73 ( 4.32) 248.50 ( 4.43) 248.93 ( 4.73) 245.37 ( 5.00) 255.37 ( 4.39) 252.75 ( 4.57) 248.25 ( 4.67) 249.37 ( 5.09) 254.53 ( 4.74)

206.95 ( 1.29) 217.74 ( 1.36) 228.80 ( 1.47) 244.51 ( 1.58) 270.25 ( 1.70) 291.94 ( 1.85) 303.19 ( 1.97) 314.64 ( 2.07) 321.28 ( 2.06) 317.90 ( 2.08) 319.21 ( 2.13) 318.40 ( 2.13) 315.97 ( 2.04) 309.81 ( 2.07) 289.85 ( 2.01) 276.09 ( 1.97) 263.13 ( 1.86) 244.40 ( 1.80) 223.67 ( 1.79) 215.15 ( 1.70) 203.53 ( 1.52) 201.19 ( 1.55) 195.11 ( 1.55) 190.87 ( 1.56) 188.34 ( 1.43) 180.62 ( 1.40) 170.61 ( 1.32) 167.60 ( 1.31) 163.95 ( 1.22) 165.44 ( 1.23) 167.42 ( 1.30) 172.96 ( 1.32) 185.11 ( 1.36) 195.37 ( 1.48) 199.55 ( 1.51) 205.34 ( 1.54) 218.91 ( 1.59) 224.27 ( 1.65) 229.39 ( 1.78) 230.82 ( 1.82) 235.36 ( 1.73) 237.67 ( 1.79) 238.71 ( 1.85) 243.53 ( 1.94) 250.45 ( 1.84) 256.27 ( 1.95) 258.35 ( 2.04) 262.89 ( 2.06) 271.30 ( 2.01) 273.50 ( 2.02) 278.47 ( 2.09) 282.90 ( 2.14) 294.08 ( 2.19)

167.96 ( 1.42) 170.79 ( 1.45) 173.09 ( 1.50) 175.20 ( 1.52) 178.53 ( 1.51) 182.51 ( 1.53) 185.60 ( 1.59) 186.92 ( 1.63) 190.35 ( 1.60) 192.22 ( 1.63) 193.07 ( 1.67) 192.12 ( 1.67) 195.74 ( 1.66) 195.78 ( 1.68) 193.96 ( 1.71) 189.83 ( 1.71) 189.95 ( 1.74) 189.53 ( 1.81) 185.43 ( 1.93) 184.14 ( 1.97) 184.85 ( 1.83) 185.05 ( 1.83) 188.15 ( 2.04) 177.80 ( 1.97) 183.71 ( 1.82) 177.89 ( 1.83) 174.85 ( 1.87) 178.63 ( 2.02) 174.08 ( 1.86) 176.46 ( 1.81) 178.38 ( 1.94) 178.82 ( 2.03) 183.69 ( 1.86) 183.22 ( 1.82) 180.42 ( 1.92) 187.84 ( 2.00) 187.54 ( 1.86) 188.27 ( 1.85) 184.49 ( 1.97) 187.86 ( 2.09) 190.15 ( 1.93) 191.83 ( 1.92) 192.77 ( 2.02) 189.63 ( 2.08) 195.39 ( 1.98) 199.55 ( 2.04) 196.62 ( 2.14) 200.14 ( 2.22) 200.76 ( 2.02) 204.34 ( 2.04) 203.65 ( 2.19) 207.50 ( 2.36) 209.15 ( 2.18)

215.74 ( 0.44) 231.01 ( 0.49) 240.19 ( 0.54) 251.96 ( 0.61) 267.61 ( 0.60) 280.88 ( 0.65) 284.32 ( 0.70) 286.03 ( 0.73) 287.61 ( 0.69) 282.65 ( 0.69) 274.40 ( 0.68) 271.81 ( 0.66) 269.09 ( 0.61) 255.41 ( 0.59) 234.83 ( 0.54) 212.91 ( 0.49) 196.07 ( 0.42) 183.99 ( 0.40) 171.82 ( 0.39) 163.93 ( 0.40) 164.45 ( 0.38) 167.71 ( 0.39) 168.52 ( 0.41) 166.58 ( 0.43) 168.46 ( 0.40) 165.59 ( 0.40) 160.65 ( 0.40) 155.12 ( 0.39) 154.67 ( 0.38) 154.67 ( 0.38) 153.39 ( 0.39) 154.02 ( 0.40) 161.60 ( 0.39) 165.39 ( 0.41) 171.23 ( 0.43) 178.61 ( 0.46) 191.56 ( 0.44) 200.74 ( 0.47) 202.61 ( 0.51) 206.29 ( 0.55) 212.75 ( 0.51) 216.82 ( 0.53) 217.90 ( 0.56) 221.91 ( 0.59) 228.28 ( 0.56) 232.11 ( 0.58) 234.92 ( 0.64) 238.15 ( 0.66) 245.47 ( 0.61) 249.26 ( 0.62) 251.11 ( 0.67) 256.43 ( 0.74) 265.89 ( 0.70)

Source: FHFA

62

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Colorado

Connecticut

Delaware

Washington DC

Florida

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 100.95 ( 0.52) 102.23 ( 0.51) 103.12 ( 0.51) 105.34 ( 0.51) 108.80 ( 0.51) 110.99 ( 0.51) 113.67 ( 0.52) 115.59 ( 0.57) 120.44 ( 0.54) 125.02 ( 0.57) 128.04 ( 0.60) 131.86 ( 0.64) 136.98 ( 0.64) 139.75 ( 0.67) 140.38 ( 0.72) 141.76 ( 0.74) 144.93 ( 0.69) 147.75 ( 0.69) 148.46 ( 0.71) 149.91 ( 0.73) 153.40 ( 0.72) 155.07 ( 0.74) 156.19 ( 0.77) 157.24 ( 0.79) 160.73 ( 0.76) 162.77 ( 0.76) 163.64 ( 0.79) 166.13 ( 0.81) 170.27 ( 0.78) 173.29 ( 0.79) 175.80 ( 0.82) 179.78 ( 0.86) 186.32 ( 0.86) 192.27 ( 0.89) 194.52 ( 0.94) 200.37 ( 0.97) 207.40 ( 0.96) 213.39 ( 0.98) 217.13 ( 1.03) 223.97 ( 1.06) 229.07 ( 1.04) 230.78 ( 1.06) 230.50 ( 1.10) 234.23 ( 1.14) 237.09 ( 1.10) 239.64 ( 1.12) 239.70 ( 1.16) 240.56 ( 1.18) 243.85 ( 1.15) 245.01 ( 1.15) 244.79 ( 1.24) 246.73 ( 1.27)

100.00 ( . ) 97.80 ( 0.58) 97.05 ( 0.60) 96.57 ( 0.60) 97.31 ( 0.58) 95.19 ( 0.55) 95.11 ( 0.56) 96.03 ( 0.54) 92.38 ( 0.62) 91.59 ( 0.56) 92.36 ( 0.54) 91.93 ( 0.55) 91.18 ( 0.59) 91.87 ( 0.59) 92.81 ( 0.61) 91.87 ( 0.68) 90.36 ( 0.73) 90.67 ( 0.60) 91.89 ( 0.58) 91.05 ( 0.61) 90.63 ( 0.63) 91.92 ( 0.60) 91.99 ( 0.59) 90.83 ( 0.61) 90.68 ( 0.63) 92.62 ( 0.59) 93.51 ( 0.57) 93.41 ( 0.58) 93.40 ( 0.60) 96.37 ( 0.55) 98.59 ( 0.56) 99.66 ( 0.58) 101.24 ( 0.61) 104.66 ( 0.59) 106.97 ( 0.61) 108.14 ( 0.65) 110.03 ( 0.68) 114.56 ( 0.66) 116.67 ( 0.66) 117.96 ( 0.68) 119.88 ( 0.70) 124.76 ( 0.69) 129.12 ( 0.71) 130.32 ( 0.74) 131.88 ( 0.77) 138.54 ( 0.76) 143.28 ( 0.79) 146.43 ( 0.82) 148.30 ( 0.86) 153.49 ( 0.84) 158.43 ( 0.86) 160.04 ( 0.90) 162.21 ( 0.97)

100.00 ( . ) 99.85 ( 0.89) 99.91 ( 0.92) 101.03 ( 0.94) 100.83 ( 0.88) 99.89 ( 0.87) 99.70 ( 0.87) 100.90 ( 0.88) 99.19 ( 1.03) 99.60 ( 0.90) 99.39 ( 0.90) 98.80 ( 0.91) 97.23 ( 0.96) 99.98 ( 0.93) 100.17 ( 1.00) 100.34 ( 1.06) 100.16 ( 1.23) 99.32 ( 1.01) 100.09 ( 1.01) 99.55 ( 1.02) 99.85 ( 1.06) 99.56 ( 0.99) 101.39 ( 0.99) 100.48 ( 1.05) 100.42 ( 1.08) 100.86 ( 0.97) 102.90 ( 0.98) 101.22 ( 1.03) 103.07 ( 1.05) 103.66 ( 0.96) 106.62 ( 0.98) 106.00 ( 0.98) 108.01 ( 1.04) 109.84 ( 0.99) 112.27 ( 1.02) 112.83 ( 1.07) 114.59 ( 1.16) 116.42 ( 1.05) 119.51 ( 1.08) 121.65 ( 1.15) 124.23 ( 1.19) 126.18 ( 1.11) 128.76 ( 1.13) 131.75 ( 1.18) 133.53 ( 1.24) 137.99 ( 1.21) 143.19 ( 1.27) 145.12 ( 1.26) 147.78 ( 1.33) 152.21 ( 1.31) 156.19 ( 1.32) 160.69 ( 1.49) 166.07 ( 1.55)

100.00 ( . ) 101.18 ( 3.03) 98.88 ( 3.04) 97.97 ( 2.91) 99.72 ( 2.90) 100.35 ( 2.83) 101.90 ( 2.91) 97.93 ( 2.69) 93.34 ( 2.89) 98.34 ( 2.72) 98.30 ( 2.86) 90.75 ( 2.75) 95.40 ( 3.24) 97.81 ( 3.10) 99.00 ( 3.20) 91.47 ( 3.24) 92.33 ( 3.55) 89.33 ( 3.06) 91.96 ( 3.05) 93.49 ( 3.13) 93.56 ( 3.40) 95.06 ( 3.03) 93.75 ( 3.04) 96.84 ( 3.36) 89.31 ( 3.37) 96.20 ( 3.23) 92.87 ( 3.06) 94.52 ( 2.89) 96.97 ( 3.19) 100.59 ( 2.93) 106.04 ( 3.15) 106.93 ( 3.15) 108.05 ( 3.34) 111.28 ( 3.22) 118.08 ( 3.33) 117.42 ( 3.49) 127.10 ( 3.91) 129.36 ( 3.77) 133.70 ( 3.75) 133.25 ( 3.75) 140.77 ( 4.05) 147.65 ( 4.21) 156.69 ( 4.34) 159.26 ( 4.61) 167.16 ( 4.72) 178.79 ( 4.88) 185.35 ( 5.12) 191.14 ( 5.32) 187.59 ( 5.29) 208.11 ( 5.69) 219.74 ( 6.15) 218.44 ( 6.30) 240.69 ( 7.38)

100.00 ( . ) 100.52 ( 0.36) 100.25 ( 0.37) 100.84 ( 0.36) 101.31 ( 0.36) 101.03 ( 0.36) 102.31 ( 0.35) 102.74 ( 0.35) 102.61 ( 0.38) 103.91 ( 0.35) 104.64 ( 0.36) 105.60 ( 0.36) 106.07 ( 0.38) 106.63 ( 0.38) 108.06 ( 0.39) 108.56 ( 0.41) 108.93 ( 0.43) 109.18 ( 0.39) 110.72 ( 0.39) 110.62 ( 0.39) 111.16 ( 0.40) 112.17 ( 0.39) 112.93 ( 0.40) 112.67 ( 0.40) 114.02 ( 0.42) 114.43 ( 0.41) 115.11 ( 0.40) 116.09 ( 0.40) 117.86 ( 0.41) 119.20 ( 0.40) 120.58 ( 0.40) 121.49 ( 0.41) 123.37 ( 0.42) 125.49 ( 0.41) 127.21 ( 0.42) 129.10 ( 0.44) 131.70 ( 0.45) 134.15 ( 0.44) 137.07 ( 0.45) 140.11 ( 0.46) 143.48 ( 0.47) 147.57 ( 0.47) 151.97 ( 0.48) 155.65 ( 0.50) 159.34 ( 0.52) 164.64 ( 0.52) 169.38 ( 0.54) 174.12 ( 0.56) 179.33 ( 0.59) 185.14 ( 0.59) 191.37 ( 0.61) 198.14 ( 0.65) 205.52 ( 0.68)

Source: FHFA

63

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Colorado

Connecticut

Delaware

Washington DC

Florida

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

253.86 ( 1.23) 255.89 ( 1.25) 254.71 ( 1.32) 258.68 ( 1.37) 265.42 ( 1.29) 267.76 ( 1.30) 270.13 ( 1.38) 270.54 ( 1.40) 276.42 ( 1.33) 276.28 ( 1.34) 276.27 ( 1.39) 275.28 ( 1.41) 280.81 ( 1.33) 278.97 ( 1.35) 271.30 ( 1.38) 266.72 ( 1.43) 272.05 ( 1.41) 266.77 ( 1.43) 257.46 ( 1.53) 260.82 ( 1.59) 268.05 ( 1.53) 267.16 ( 1.57) 262.93 ( 1.64) 262.76 ( 1.76) 265.72 ( 1.56) 259.84 ( 1.63) 259.03 ( 1.65) 250.68 ( 1.70) 256.06 ( 1.53) 258.73 ( 1.56) 253.39 ( 1.62) 253.00 ( 1.70) 270.37 ( 1.51) 274.74 ( 1.55) 276.30 ( 1.63) 278.57 ( 1.69) 296.14 ( 1.58) 300.52 ( 1.59) 300.54 ( 1.73) 304.94 ( 1.90) 319.23 ( 1.72) 322.60 ( 1.75) 325.95 ( 1.86) 340.93 ( 2.10) 355.58 ( 1.96) 363.12 ( 1.99) 362.31 ( 2.14) 373.11 ( 2.34) 391.86 ( 2.17) 399.86 ( 2.21) 400.86 ( 2.34) 414.67 ( 2.58) 432.37 ( 2.46)

170.84 ( 0.94) 177.48 ( 1.00) 178.58 ( 1.04) 181.71 ( 1.12) 189.72 ( 1.07) 193.80 ( 1.09) 193.93 ( 1.16) 195.62 ( 1.22) 199.94 ( 1.15) 197.60 ( 1.14) 194.58 ( 1.17) 196.65 ( 1.22) 198.80 ( 1.14) 199.31 ( 1.15) 193.16 ( 1.18) 188.65 ( 1.24) 190.08 ( 1.19) 186.08 ( 1.22) 180.44 ( 1.34) 177.30 ( 1.39) 178.45 ( 1.23) 176.94 ( 1.21) 172.95 ( 1.27) 168.89 ( 1.41) 173.24 ( 1.17) 170.33 ( 1.27) 166.56 ( 1.27) 162.38 ( 1.42) 168.59 ( 1.24) 165.13 ( 1.21) 161.86 ( 1.32) 157.36 ( 1.37) 162.60 ( 1.15) 164.10 ( 1.15) 160.73 ( 1.22) 158.79 ( 1.29) 165.20 ( 1.15) 166.88 ( 1.13) 162.42 ( 1.24) 162.46 ( 1.41) 165.30 ( 1.17) 166.30 ( 1.17) 163.59 ( 1.25) 163.41 ( 1.40) 168.18 ( 1.22) 168.12 ( 1.18) 164.93 ( 1.28) 164.50 ( 1.39) 168.89 ( 1.22) 169.04 ( 1.18) 166.89 ( 1.32) 167.05 ( 1.45) 172.60 ( 1.29)

170.37 ( 1.49) 180.90 ( 1.61) 184.71 ( 1.67) 189.03 ( 1.90) 197.57 ( 1.79) 203.47 ( 1.81) 208.88 ( 1.94) 215.04 ( 2.21) 215.48 ( 2.01) 219.97 ( 2.06) 221.82 ( 2.19) 218.66 ( 2.32) 220.09 ( 2.07) 221.95 ( 2.12) 215.31 ( 2.22) 214.01 ( 2.34) 209.30 ( 2.29) 204.62 ( 2.44) 197.85 ( 2.90) 202.56 ( 2.80) 204.96 ( 2.44) 194.03 ( 2.59) 189.85 ( 2.66) 190.95 ( 3.03) 187.38 ( 2.41) 185.05 ( 2.57) 189.00 ( 2.88) 181.40 ( 3.14) 172.87 ( 2.66) 171.62 ( 2.52) 176.71 ( 2.66) 170.01 ( 2.65) 172.44 ( 2.74) 177.54 ( 2.50) 180.61 ( 2.92) 178.73 ( 2.92) 182.42 ( 2.56) 185.30 ( 2.54) 181.99 ( 3.02) 181.10 ( 3.23) 185.63 ( 2.58) 183.95 ( 2.68) 180.90 ( 2.70) 188.92 ( 3.14) 188.70 ( 2.97) 192.77 ( 2.91) 189.77 ( 3.04) 192.07 ( 3.38) 195.56 ( 2.93) 195.11 ( 2.75) 192.59 ( 3.11) 192.72 ( 3.24) 199.20 ( 2.90)

251.03 ( 7.17) 256.66 ( 7.68) 277.11 ( 8.35) 282.87 ( 9.18) 316.36 (10.00) 329.41 (10.42) 322.51 (10.62) 321.79 (10.39) 325.17 ( 9.58) 338.79 ( 9.94) 334.72 (10.70) 333.94 (11.25) 345.53 (10.04) 345.49 (10.17) 334.69 ( 9.83) 328.37 (10.26) 321.49 ( 9.61) 327.31 (10.20) 317.98 (10.57) 303.01 (11.88) 316.35 (10.39) 317.99 (10.25) 322.18 (10.56) 327.16 (11.14) 312.97 ( 9.68) 336.78 (11.54) 322.58 (10.94) 314.32 (11.02) 336.70 (10.74) 333.00 (10.69) 344.37 (11.26) 342.69 (12.06) 350.16 (10.64) 371.18 (11.63) 370.78 (11.74) 382.49 (13.30) 395.48 (11.85) 422.08 (13.85) 410.26 (13.49) 441.14 (15.75) 433.06 (14.16) 434.03 (14.97) 447.71 (14.59) 438.98 (16.36) 460.85 (15.08) 487.48 (18.26) 476.74 (17.70) 456.66 (19.18) 500.37 (15.98) 489.82 (16.39) 497.66 (17.11) 523.46 (19.77) 511.51 (18.27)

216.53 ( 0.70) 228.74 ( 0.76) 239.62 ( 0.82) 254.34 ( 0.88) 272.43 ( 0.90) 290.30 ( 0.98) 300.74 ( 1.06) 307.84 ( 1.11) 312.44 ( 1.09) 312.76 ( 1.13) 311.10 ( 1.18) 307.58 ( 1.16) 305.31 ( 1.09) 291.23 ( 1.08) 278.08 ( 1.10) 257.31 ( 1.10) 237.75 ( 1.00) 219.84 ( 0.98) 204.46 ( 1.01) 194.65 ( 0.99) 191.30 ( 0.88) 187.92 ( 0.91) 185.56 ( 0.93) 183.52 ( 0.97) 181.91 ( 0.87) 177.47 ( 0.92) 173.25 ( 0.88) 165.64 ( 0.87) 167.26 ( 0.82) 170.40 ( 0.86) 169.84 ( 0.87) 172.39 ( 0.91) 178.99 ( 0.86) 182.68 ( 0.88) 184.58 ( 0.88) 189.72 ( 0.91) 198.59 ( 0.87) 204.36 ( 0.89) 208.61 ( 0.97) 209.59 ( 1.01) 215.80 ( 0.96) 219.95 ( 0.96) 223.87 ( 1.00) 227.73 ( 1.06) 235.65 ( 1.02) 240.75 ( 1.05) 245.69 ( 1.14) 252.31 ( 1.20) 259.87 ( 1.12) 267.35 ( 1.17) 271.34 ( 1.24) 276.63 ( 1.31) 284.21 ( 1.26)

Source: FHFA

64

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Georgia

Hawaii

Idaho

Illinois

Indiana

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 100.28 ( 0.42) 100.18 ( 0.42) 101.21 ( 0.43) 101.79 ( 0.41) 101.31 ( 0.42) 103.19 ( 0.40) 103.30 ( 0.41) 103.41 ( 0.44) 104.84 ( 0.41) 105.27 ( 0.41) 106.16 ( 0.41) 106.60 ( 0.44) 108.38 ( 0.43) 109.43 ( 0.45) 110.30 ( 0.49) 110.85 ( 0.49) 112.47 ( 0.45) 113.98 ( 0.44) 115.16 ( 0.46) 116.35 ( 0.47) 117.88 ( 0.46) 119.09 ( 0.47) 119.28 ( 0.48) 120.98 ( 0.50) 122.44 ( 0.49) 124.04 ( 0.48) 125.20 ( 0.50) 126.88 ( 0.50) 129.34 ( 0.49) 131.53 ( 0.50) 133.32 ( 0.51) 135.73 ( 0.54) 138.27 ( 0.53) 141.22 ( 0.54) 142.98 ( 0.57) 144.91 ( 0.59) 148.11 ( 0.57) 150.19 ( 0.58) 152.17 ( 0.60) 153.78 ( 0.61) 156.47 ( 0.59) 158.32 ( 0.61) 159.50 ( 0.63) 161.43 ( 0.64) 162.53 ( 0.63) 164.84 ( 0.64) 166.82 ( 0.66) 168.13 ( 0.67) 169.46 ( 0.65) 171.30 ( 0.65) 171.65 ( 0.70) 172.58 ( 0.71)

100.00 ( . ) 97.20 ( 2.00) 99.96 ( 2.12) 98.78 ( 2.11) 102.75 ( 2.13) 97.40 ( 1.94) 102.43 ( 2.14) 102.60 ( 1.98) 101.33 ( 2.17) 103.06 ( 2.04) 99.51 ( 2.09) 100.89 ( 2.18) 98.43 ( 2.28) 100.43 ( 2.44) 100.00 ( 2.56) 98.78 ( 3.08) 98.38 ( 3.15) 95.63 ( 2.54) 94.74 ( 2.44) 95.42 ( 2.48) 90.04 ( 2.35) 93.78 ( 2.31) 89.54 ( 2.53) 89.76 ( 2.28) 82.71 ( 2.37) 83.08 ( 2.23) 83.18 ( 2.03) 82.61 ( 2.18) 83.76 ( 2.24) 85.22 ( 1.99) 82.42 ( 2.07) 83.02 ( 2.02) 84.31 ( 2.05) 82.46 ( 1.78) 83.01 ( 1.87) 85.47 ( 1.91) 89.72 ( 2.06) 89.40 ( 1.99) 89.85 ( 1.89) 92.65 ( 1.96) 95.76 ( 1.94) 98.51 ( 1.85) 99.77 ( 2.03) 101.39 ( 2.10) 102.23 ( 2.12) 108.31 ( 2.20) 111.89 ( 2.16) 113.61 ( 2.25) 117.52 ( 2.36) 119.76 ( 2.32) 129.73 ( 2.49) 137.05 ( 2.78) 141.98 ( 2.97)

100.00 ( . ) 101.66 ( 1.44) 103.72 ( 1.44) 106.15 ( 1.43) 106.90 ( 1.51) 110.14 ( 1.49) 112.28 ( 1.48) 114.72 ( 1.50) 116.62 ( 1.66) 118.99 ( 1.56) 124.49 ( 1.61) 125.18 ( 1.62) 125.79 ( 1.68) 130.51 ( 1.72) 133.24 ( 1.79) 133.38 ( 1.84) 134.29 ( 1.93) 135.81 ( 1.84) 137.46 ( 1.78) 137.46 ( 1.83) 136.87 ( 1.88) 138.63 ( 1.81) 139.82 ( 1.84) 140.08 ( 1.90) 139.21 ( 1.96) 141.10 ( 1.88) 142.60 ( 1.87) 142.09 ( 1.93) 142.48 ( 1.93) 144.70 ( 1.87) 145.72 ( 1.89) 144.85 ( 1.90) 146.09 ( 1.96) 149.10 ( 1.93) 150.00 ( 1.94) 150.31 ( 2.01) 151.16 ( 2.05) 152.92 ( 1.97) 152.47 ( 1.96) 154.84 ( 2.03) 155.98 ( 2.05) 158.96 ( 2.03) 160.08 ( 2.04) 158.64 ( 2.05) 159.63 ( 2.10) 163.27 ( 2.07) 165.22 ( 2.08) 164.94 ( 2.10) 167.42 ( 2.17) 170.59 ( 2.14) 174.72 ( 2.18) 174.43 ( 2.25) 177.58 ( 2.30)

100.00 ( . ) 100.85 ( 0.26) 101.88 ( 0.27) 102.59 ( 0.27) 103.33 ( 0.26) 104.88 ( 0.26) 105.64 ( 0.26) 106.92 ( 0.27) 107.33 ( 0.30) 109.04 ( 0.27) 110.87 ( 0.28) 110.92 ( 0.29) 112.60 ( 0.32) 114.73 ( 0.31) 115.59 ( 0.33) 115.78 ( 0.37) 115.96 ( 0.40) 118.32 ( 0.33) 119.46 ( 0.32) 119.24 ( 0.34) 119.96 ( 0.36) 122.07 ( 0.33) 122.56 ( 0.35) 122.64 ( 0.37) 122.35 ( 0.39) 124.28 ( 0.35) 125.16 ( 0.35) 124.95 ( 0.36) 125.34 ( 0.37) 127.15 ( 0.33) 128.88 ( 0.34) 129.96 ( 0.35) 130.88 ( 0.38) 133.75 ( 0.35) 136.11 ( 0.36) 137.01 ( 0.40) 138.32 ( 0.42) 141.97 ( 0.38) 144.86 ( 0.38) 145.86 ( 0.40) 147.97 ( 0.42) 152.05 ( 0.39) 154.79 ( 0.40) 155.58 ( 0.42) 157.50 ( 0.44) 162.02 ( 0.42) 165.00 ( 0.42) 166.62 ( 0.44) 168.32 ( 0.47) 173.53 ( 0.44) 176.64 ( 0.45) 178.71 ( 0.49) 180.28 ( 0.52)

100.00 ( . ) 100.61 ( 0.46) 100.96 ( 0.47) 101.58 ( 0.45) 102.20 ( 0.44) 104.49 ( 0.45) 105.35 ( 0.44) 105.98 ( 0.45) 106.81 ( 0.50) 109.11 ( 0.46) 110.22 ( 0.47) 111.66 ( 0.48) 112.36 ( 0.52) 114.42 ( 0.50) 115.26 ( 0.53) 116.39 ( 0.58) 118.09 ( 0.60) 119.21 ( 0.53) 120.81 ( 0.52) 121.34 ( 0.54) 122.25 ( 0.57) 124.93 ( 0.54) 125.84 ( 0.55) 126.56 ( 0.58) 126.18 ( 0.60) 128.30 ( 0.57) 128.86 ( 0.57) 129.66 ( 0.58) 130.13 ( 0.59) 132.34 ( 0.56) 133.16 ( 0.57) 134.91 ( 0.58) 135.25 ( 0.61) 136.95 ( 0.58) 138.98 ( 0.60) 138.59 ( 0.63) 140.93 ( 0.67) 142.07 ( 0.62) 143.51 ( 0.63) 142.73 ( 0.65) 144.16 ( 0.66) 145.72 ( 0.62) 146.38 ( 0.63) 147.53 ( 0.65) 147.95 ( 0.67) 149.42 ( 0.64) 150.50 ( 0.65) 149.91 ( 0.66) 151.31 ( 0.69) 153.54 ( 0.65) 155.09 ( 0.66) 155.15 ( 0.70) 155.09 ( 0.72)

Source: FHFA

65

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Georgia

Hawaii

Idaho

Illinois

Indiana

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

175.58 ( 0.69) 177.99 ( 0.71) 179.41 ( 0.75) 181.04 ( 0.76) 185.71 ( 0.74) 188.70 ( 0.74) 191.60 ( 0.80) 192.75 ( 0.81) 196.72 ( 0.77) 198.15 ( 0.78) 199.64 ( 0.83) 199.17 ( 0.83) 203.38 ( 0.81) 201.19 ( 0.81) 196.88 ( 0.86) 192.41 ( 0.87) 191.35 ( 0.88) 187.65 ( 0.92) 175.12 ( 0.99) 176.43 ( 1.03) 174.48 ( 0.96) 177.41 ( 1.03) 169.63 ( 1.06) 162.85 ( 1.13) 168.03 ( 1.00) 160.64 ( 1.00) 152.59 ( 0.99) 149.87 ( 0.98) 149.65 ( 0.89) 149.96 ( 0.88) 149.34 ( 0.94) 146.75 ( 0.95) 154.97 ( 0.89) 158.43 ( 0.91) 158.97 ( 0.95) 162.52 ( 0.98) 170.85 ( 0.89) 174.06 ( 0.92) 174.39 ( 1.01) 179.63 ( 1.14) 183.16 ( 0.96) 185.20 ( 1.01) 187.03 ( 1.09) 189.16 ( 1.14) 197.10 ( 1.05) 199.30 ( 1.10) 199.73 ( 1.22) 201.94 ( 1.26) 211.06 ( 1.13) 214.01 ( 1.18) 214.24 ( 1.25) 216.45 ( 1.35) 227.41 ( 1.26)

152.96 ( 3.21) 166.06 ( 3.57) 168.86 ( 3.65) 179.39 ( 3.95) 193.08 ( 4.22) 204.70 ( 4.50) 203.79 ( 4.67) 215.09 ( 4.95) 211.91 ( 4.70) 211.42 ( 4.48) 211.63 ( 5.11) 216.44 ( 4.68) 214.85 ( 4.50) 213.61 ( 4.60) 206.10 ( 4.47) 207.32 ( 4.59) 206.65 ( 4.52) 197.82 ( 4.77) 199.51 ( 5.61) 194.62 ( 5.28) 181.63 ( 4.33) 185.72 ( 4.74) 179.08 ( 4.60) 178.43 ( 4.50) 178.25 ( 4.50) 174.30 ( 4.51) 175.29 ( 4.55) 158.90 ( 4.28) 170.30 ( 4.66) 174.19 ( 5.48) 165.96 ( 4.48) 170.87 ( 4.72) 180.79 ( 4.87) 178.90 ( 4.56) 183.43 ( 4.77) 193.03 ( 5.38) 193.50 ( 4.94) 199.23 ( 5.58) 197.33 ( 5.65) 209.83 ( 5.72) 200.58 ( 5.75) 212.52 ( 5.57) 212.45 ( 6.41) 219.33 ( 6.65) 219.33 ( 6.31) 222.86 ( 6.06) 226.66 ( 7.38) 230.18 ( 7.02) 227.01 ( 6.25) 230.20 ( 6.21) 236.09 ( 7.05) 233.55 ( 7.16) 245.31 ( 6.92)

186.32 ( 2.33) 192.84 ( 2.42) 194.01 ( 2.49) 201.53 ( 2.64) 210.34 ( 2.65) 220.27 ( 2.75) 229.14 ( 2.91) 236.41 ( 3.03) 250.18 ( 3.12) 253.13 ( 3.18) 258.04 ( 3.30) 259.48 ( 3.36) 267.20 ( 3.35) 264.71 ( 3.35) 260.75 ( 3.41) 258.68 ( 3.45) 254.32 ( 3.37) 247.58 ( 3.38) 236.30 ( 3.42) 236.78 ( 3.50) 237.00 ( 3.33) 227.79 ( 3.29) 218.01 ( 3.23) 206.71 ( 3.24) 209.29 ( 3.07) 202.46 ( 2.95) 190.47 ( 2.88) 177.70 ( 2.78) 181.57 ( 2.65) 187.59 ( 2.75) 183.96 ( 2.74) 185.42 ( 2.83) 200.82 ( 2.83) 204.80 ( 2.87) 203.25 ( 2.91) 208.75 ( 3.03) 217.73 ( 2.98) 223.55 ( 3.02) 218.98 ( 3.13) 223.76 ( 3.36) 228.15 ( 3.12) 231.97 ( 3.19) 230.20 ( 3.30) 232.25 ( 3.35) 245.26 ( 3.31) 250.44 ( 3.40) 254.90 ( 3.69) 252.55 ( 3.69) 264.29 ( 3.57) 271.99 ( 3.67) 273.55 ( 3.82) 279.96 ( 4.18) 291.32 ( 4.03)

185.64 ( 0.49) 189.23 ( 0.50) 190.26 ( 0.54) 192.42 ( 0.58) 198.47 ( 0.53) 202.14 ( 0.54) 203.94 ( 0.58) 205.34 ( 0.61) 210.84 ( 0.57) 211.52 ( 0.58) 210.20 ( 0.62) 212.26 ( 0.65) 213.29 ( 0.58) 211.49 ( 0.59) 208.24 ( 0.64) 201.98 ( 0.67) 202.03 ( 0.64) 197.69 ( 0.66) 191.76 ( 0.75) 184.91 ( 0.77) 185.68 ( 0.66) 186.83 ( 0.67) 181.56 ( 0.69) 177.33 ( 0.76) 181.17 ( 0.63) 178.47 ( 0.71) 173.63 ( 0.72) 166.77 ( 0.77) 168.02 ( 0.65) 170.14 ( 0.64) 163.53 ( 0.70) 161.53 ( 0.70) 167.48 ( 0.60) 169.43 ( 0.61) 164.61 ( 0.63) 164.70 ( 0.68) 174.30 ( 0.59) 175.90 ( 0.59) 174.21 ( 0.66) 171.97 ( 0.76) 179.94 ( 0.62) 182.19 ( 0.63) 179.44 ( 0.70) 177.78 ( 0.78) 186.63 ( 0.66) 187.43 ( 0.67) 183.89 ( 0.76) 183.99 ( 0.80) 192.01 ( 0.67) 194.88 ( 0.69) 194.66 ( 0.78) 194.92 ( 0.85) 199.22 ( 0.71)

159.29 ( 0.69) 160.77 ( 0.70) 160.13 ( 0.73) 160.63 ( 0.76) 163.79 ( 0.71) 164.92 ( 0.72) 165.60 ( 0.76) 164.96 ( 0.78) 168.50 ( 0.74) 169.58 ( 0.74) 167.61 ( 0.76) 168.01 ( 0.78) 171.25 ( 0.74) 171.32 ( 0.76) 165.88 ( 0.79) 164.59 ( 0.81) 164.70 ( 0.81) 165.14 ( 0.86) 158.50 ( 0.93) 158.54 ( 0.95) 161.45 ( 0.85) 160.00 ( 0.87) 159.46 ( 0.93) 156.19 ( 1.00) 160.17 ( 0.87) 159.64 ( 0.92) 157.14 ( 0.93) 153.00 ( 1.03) 158.36 ( 0.91) 158.74 ( 0.89) 158.20 ( 0.98) 154.43 ( 1.00) 159.98 ( 0.89) 159.76 ( 0.87) 160.37 ( 0.95) 160.23 ( 0.99) 165.39 ( 0.88) 168.51 ( 0.89) 166.48 ( 0.96) 165.93 ( 1.05) 169.93 ( 0.91) 172.29 ( 0.92) 171.60 ( 0.98) 172.24 ( 1.08) 177.38 ( 0.97) 178.96 ( 0.97) 179.09 ( 1.08) 179.20 ( 1.15) 186.22 ( 1.00) 190.66 ( 1.03) 188.99 ( 1.11) 188.62 ( 1.20) 196.75 ( 1.09)

Source: FHFA

66

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Iowa

Kansas

Kentucky

Louisiana

Maine

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 101.30 ( 0.62) 102.55 ( 0.62) 103.21 ( 0.62) 103.78 ( 0.61) 106.77 ( 0.61) 108.44 ( 0.61) 108.92 ( 0.62) 110.96 ( 0.69) 112.98 ( 0.62) 116.02 ( 0.65) 118.17 ( 0.66) 118.91 ( 0.70) 120.71 ( 0.69) 123.24 ( 0.72) 122.98 ( 0.79) 123.72 ( 0.82) 126.35 ( 0.71) 128.94 ( 0.71) 129.06 ( 0.74) 130.37 ( 0.76) 132.31 ( 0.74) 133.92 ( 0.76) 133.63 ( 0.77) 134.23 ( 0.82) 136.61 ( 0.77) 137.62 ( 0.76) 138.21 ( 0.79) 139.73 ( 0.80) 142.64 ( 0.77) 144.32 ( 0.78) 146.72 ( 0.81) 146.61 ( 0.84) 150.55 ( 0.82) 151.72 ( 0.84) 152.69 ( 0.90) 153.80 ( 0.93) 156.53 ( 0.87) 158.60 ( 0.88) 158.00 ( 0.89) 159.49 ( 0.91) 162.16 ( 0.87) 163.46 ( 0.88) 164.19 ( 0.91) 164.28 ( 0.94) 167.75 ( 0.91) 169.76 ( 0.92) 170.71 ( 0.94) 171.45 ( 0.97) 174.19 ( 0.94) 176.28 ( 0.94) 176.46 ( 0.99) 177.46 ( 1.02)

100.00 ( . ) 99.87 ( 0.75) 99.83 ( 0.76) 100.75 ( 0.78) 101.49 ( 0.74) 101.96 ( 0.73) 104.01 ( 0.73) 104.25 ( 0.73) 105.12 ( 0.82) 106.95 ( 0.73) 109.27 ( 0.75) 110.49 ( 0.78) 112.16 ( 0.83) 114.95 ( 0.83) 116.25 ( 0.87) 116.55 ( 0.94) 118.37 ( 0.99) 120.47 ( 0.86) 122.32 ( 0.85) 123.43 ( 0.91) 123.91 ( 0.92) 126.48 ( 0.90) 127.72 ( 0.91) 127.35 ( 0.95) 127.62 ( 0.98) 130.36 ( 0.95) 132.66 ( 0.94) 133.44 ( 0.98) 135.81 ( 0.97) 137.15 ( 0.93) 139.39 ( 0.95) 142.63 ( 0.99) 144.41 ( 1.03) 146.62 ( 1.00) 148.07 ( 1.03) 147.38 ( 1.08) 150.07 ( 1.13) 152.48 ( 1.06) 154.30 ( 1.07) 154.21 ( 1.10) 155.57 ( 1.11) 159.36 ( 1.08) 160.76 ( 1.10) 162.11 ( 1.14) 162.36 ( 1.17) 165.47 ( 1.12) 166.79 ( 1.13) 167.26 ( 1.15) 168.74 ( 1.20) 171.05 ( 1.15) 173.94 ( 1.17) 173.94 ( 1.23) 175.67 ( 1.29)

100.00 ( . ) 100.40 ( 0.55) 100.06 ( 0.55) 101.26 ( 0.54) 103.29 ( 0.53) 103.45 ( 0.54) 105.29 ( 0.53) 106.32 ( 0.54) 107.60 ( 0.59) 109.50 ( 0.54) 110.34 ( 0.55) 111.11 ( 0.55) 114.14 ( 0.62) 115.45 ( 0.60) 116.90 ( 0.63) 117.42 ( 0.68) 118.60 ( 0.69) 120.38 ( 0.63) 121.61 ( 0.61) 123.05 ( 0.64) 123.27 ( 0.65) 125.34 ( 0.64) 127.10 ( 0.64) 127.58 ( 0.66) 129.18 ( 0.69) 130.30 ( 0.65) 131.64 ( 0.65) 131.63 ( 0.68) 132.49 ( 0.67) 135.48 ( 0.66) 136.55 ( 0.67) 138.13 ( 0.68) 139.87 ( 0.71) 142.09 ( 0.69) 144.13 ( 0.71) 144.90 ( 0.74) 146.96 ( 0.77) 148.55 ( 0.73) 149.66 ( 0.74) 150.50 ( 0.76) 151.02 ( 0.77) 153.54 ( 0.75) 154.74 ( 0.76) 156.02 ( 0.77) 155.92 ( 0.80) 159.04 ( 0.78) 159.35 ( 0.78) 161.70 ( 0.81) 162.25 ( 0.82) 165.76 ( 0.80) 167.89 ( 0.81) 168.51 ( 0.85) 171.19 ( 0.88)

100.00 ( . ) 102.59 ( 0.61) 104.28 ( 0.64) 104.75 ( 0.63) 105.62 ( 0.59) 107.77 ( 0.61) 109.09 ( 0.59) 110.91 ( 0.61) 111.64 ( 0.66) 113.59 ( 0.62) 116.15 ( 0.65) 118.59 ( 0.67) 120.14 ( 0.68) 122.59 ( 0.69) 124.01 ( 0.72) 122.67 ( 0.78) 123.93 ( 0.79) 127.45 ( 0.74) 129.10 ( 0.72) 130.22 ( 0.76) 132.21 ( 0.77) 133.98 ( 0.76) 134.76 ( 0.77) 135.87 ( 0.79) 137.19 ( 0.82) 138.78 ( 0.79) 139.75 ( 0.79) 140.73 ( 0.81) 142.61 ( 0.81) 144.95 ( 0.79) 147.36 ( 0.80) 148.31 ( 0.83) 148.62 ( 0.85) 151.12 ( 0.83) 152.97 ( 0.85) 152.42 ( 0.89) 154.40 ( 0.90) 157.24 ( 0.89) 157.92 ( 0.88) 157.13 ( 0.90) 159.05 ( 0.90) 161.41 ( 0.87) 163.59 ( 0.89) 164.97 ( 0.91) 164.51 ( 0.92) 168.40 ( 0.91) 170.45 ( 0.93) 171.74 ( 0.95) 174.48 ( 0.97) 176.21 ( 0.95) 179.66 ( 0.96) 181.40 ( 1.02) 183.68 ( 1.03)

100.00 ( . ) 100.20 ( 1.58) 100.68 ( 1.60) 99.71 ( 1.51) 101.79 ( 1.43) 98.65 ( 1.40) 100.12 ( 1.41) 99.89 ( 1.41) 94.78 ( 1.67) 99.07 ( 1.52) 97.23 ( 1.47) 96.45 ( 1.43) 98.07 ( 1.68) 98.16 ( 1.59) 97.24 ( 1.52) 95.63 ( 1.68) 96.75 ( 1.79) 98.03 ( 1.55) 98.71 ( 1.49) 97.08 ( 1.49) 100.84 ( 1.63) 100.42 ( 1.50) 102.17 ( 1.59) 100.60 ( 1.60) 100.72 ( 1.73) 102.46 ( 1.54) 102.33 ( 1.50) 105.12 ( 1.58) 105.00 ( 1.65) 107.87 ( 1.52) 108.69 ( 1.53) 112.10 ( 1.62) 112.23 ( 1.72) 115.98 ( 1.60) 118.62 ( 1.66) 120.47 ( 1.73) 120.65 ( 1.79) 127.03 ( 1.75) 129.51 ( 1.77) 132.05 ( 1.85) 135.40 ( 1.95) 139.76 ( 1.90) 145.08 ( 1.94) 145.86 ( 1.99) 150.45 ( 2.09) 156.52 ( 2.10) 161.95 ( 2.16) 163.96 ( 2.20) 168.51 ( 2.35) 172.93 ( 2.29) 177.15 ( 2.33) 184.38 ( 2.50) 183.90 ( 2.61)

Source: FHFA

67

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Iowa

Kansas

Kentucky

Louisiana

Maine

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

181.95 ( 0.98) 183.61 ( 0.99) 185.46 ( 1.03) 184.65 ( 1.07) 190.76 ( 1.03) 190.71 ( 1.03) 191.38 ( 1.07) 192.72 ( 1.10) 196.61 ( 1.06) 197.95 ( 1.07) 196.43 ( 1.09) 197.17 ( 1.12) 200.21 ( 1.07) 202.26 ( 1.10) 198.60 ( 1.13) 197.14 ( 1.16) 198.93 ( 1.13) 198.43 ( 1.16) 196.99 ( 1.27) 193.13 ( 1.28) 196.04 ( 1.17) 198.88 ( 1.20) 195.57 ( 1.23) 193.34 ( 1.42) 197.89 ( 1.20) 193.54 ( 1.25) 194.43 ( 1.29) 187.24 ( 1.40) 193.05 ( 1.23) 194.67 ( 1.22) 192.80 ( 1.25) 193.92 ( 1.32) 197.42 ( 1.21) 199.48 ( 1.21) 198.44 ( 1.25) 198.33 ( 1.32) 204.80 ( 1.22) 206.36 ( 1.23) 206.37 ( 1.30) 205.74 ( 1.42) 209.49 ( 1.27) 212.78 ( 1.29) 210.87 ( 1.34) 211.95 ( 1.40) 216.75 ( 1.30) 219.20 ( 1.33) 220.55 ( 1.45) 220.05 ( 1.55) 225.87 ( 1.36) 231.98 ( 1.41) 230.29 ( 1.50) 230.49 ( 1.65) 235.94 ( 1.47)

180.29 ( 1.22) 180.37 ( 1.23) 180.77 ( 1.29) 181.96 ( 1.33) 186.92 ( 1.28) 187.77 ( 1.28) 188.06 ( 1.34) 190.99 ( 1.37) 194.19 ( 1.33) 195.95 ( 1.35) 195.80 ( 1.40) 196.56 ( 1.42) 200.99 ( 1.36) 200.87 ( 1.40) 199.11 ( 1.45) 196.17 ( 1.49) 199.11 ( 1.48) 195.85 ( 1.54) 195.32 ( 1.74) 193.89 ( 1.80) 194.98 ( 1.57) 195.64 ( 1.61) 196.34 ( 1.74) 187.84 ( 1.89) 196.24 ( 1.62) 191.87 ( 1.73) 189.04 ( 1.84) 181.95 ( 1.90) 187.66 ( 1.65) 188.86 ( 1.63) 186.64 ( 1.74) 185.58 ( 1.84) 190.34 ( 1.60) 193.89 ( 1.66) 191.76 ( 1.77) 187.74 ( 1.77) 195.92 ( 1.58) 197.53 ( 1.57) 194.63 ( 1.72) 198.78 ( 1.92) 204.24 ( 1.67) 205.44 ( 1.71) 202.64 ( 1.83) 204.91 ( 1.88) 209.87 ( 1.68) 213.24 ( 1.75) 212.13 ( 1.94) 213.85 ( 2.06) 223.44 ( 1.79) 224.86 ( 1.86) 227.11 ( 2.05) 226.04 ( 2.15) 234.54 ( 1.93)

173.22 ( 0.85) 174.96 ( 0.86) 176.65 ( 0.90) 177.21 ( 0.92) 181.04 ( 0.89) 183.45 ( 0.89) 183.73 ( 0.93) 186.25 ( 0.96) 188.44 ( 0.93) 189.61 ( 0.93) 188.82 ( 0.96) 189.06 ( 0.97) 193.29 ( 0.95) 192.62 ( 0.96) 190.89 ( 1.01) 188.29 ( 1.03) 191.59 ( 1.04) 191.50 ( 1.07) 186.64 ( 1.19) 185.69 ( 1.22) 188.90 ( 1.08) 189.14 ( 1.11) 186.46 ( 1.17) 184.38 ( 1.27) 186.87 ( 1.09) 187.80 ( 1.19) 185.97 ( 1.24) 181.12 ( 1.33) 182.85 ( 1.15) 184.57 ( 1.15) 180.93 ( 1.21) 182.76 ( 1.28) 187.83 ( 1.15) 187.14 ( 1.14) 185.90 ( 1.17) 185.68 ( 1.23) 191.87 ( 1.14) 195.32 ( 1.13) 192.11 ( 1.23) 190.28 ( 1.34) 197.29 ( 1.19) 198.31 ( 1.20) 197.02 ( 1.30) 199.26 ( 1.33) 204.61 ( 1.22) 206.62 ( 1.26) 208.01 ( 1.34) 207.60 ( 1.40) 214.30 ( 1.30) 217.92 ( 1.31) 216.19 ( 1.41) 221.28 ( 1.54) 228.17 ( 1.45)

188.18 ( 1.01) 190.90 ( 1.04) 192.34 ( 1.07) 195.16 ( 1.10) 199.96 ( 1.07) 203.53 ( 1.10) 213.34 ( 1.14) 218.88 ( 1.18) 224.20 ( 1.20) 228.53 ( 1.23) 230.34 ( 1.27) 233.10 ( 1.29) 236.43 ( 1.27) 237.94 ( 1.30) 235.09 ( 1.34) 233.82 ( 1.36) 234.25 ( 1.38) 231.63 ( 1.45) 228.18 ( 1.61) 228.64 ( 1.61) 230.94 ( 1.50) 228.79 ( 1.52) 228.23 ( 1.66) 227.17 ( 1.78) 229.90 ( 1.60) 229.96 ( 1.67) 225.21 ( 1.77) 220.87 ( 1.73) 224.24 ( 1.59) 224.02 ( 1.56) 223.42 ( 1.76) 221.93 ( 1.73) 227.85 ( 1.58) 230.99 ( 1.64) 230.50 ( 1.67) 234.83 ( 1.72) 239.36 ( 1.59) 239.38 ( 1.60) 241.37 ( 1.79) 240.95 ( 1.83) 244.49 ( 1.66) 248.32 ( 1.68) 247.37 ( 1.79) 250.52 ( 1.90) 255.85 ( 1.81) 258.48 ( 1.81) 258.46 ( 2.03) 263.41 ( 2.06) 265.69 ( 1.90) 266.00 ( 1.94) 270.55 ( 2.03) 269.52 ( 2.26) 276.55 ( 2.15)

193.56 ( 2.58) 199.58 ( 2.68) 202.04 ( 2.77) 207.47 ( 2.95) 213.43 ( 2.90) 217.76 ( 2.92) 218.41 ( 3.04) 217.89 ( 3.12) 218.64 ( 2.98) 219.16 ( 2.99) 217.78 ( 3.05) 217.22 ( 3.11) 219.97 ( 3.00) 218.92 ( 3.03) 218.89 ( 3.11) 214.92 ( 3.13) 214.27 ( 3.07) 214.19 ( 3.13) 204.84 ( 3.09) 209.21 ( 3.10) 209.35 ( 2.97) 204.65 ( 3.07) 203.56 ( 3.17) 202.26 ( 3.49) 197.90 ( 3.07) 203.22 ( 3.06) 200.64 ( 3.00) 196.13 ( 3.36) 194.22 ( 3.17) 199.39 ( 3.12) 198.91 ( 3.14) 192.73 ( 3.29) 194.24 ( 3.05) 194.46 ( 2.95) 199.02 ( 3.16) 200.96 ( 3.36) 201.05 ( 3.09) 204.23 ( 3.20) 201.49 ( 3.34) 201.24 ( 3.60) 205.35 ( 3.24) 210.49 ( 3.31) 205.78 ( 3.38) 205.40 ( 3.73) 216.86 ( 3.45) 215.24 ( 3.49) 215.44 ( 3.69) 215.99 ( 3.93) 219.36 ( 3.53) 225.28 ( 3.56) 231.10 ( 3.92) 225.48 ( 4.42) 233.66 ( 4.12)

Source: FHFA

68

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 101.19 ( 0.47) 100.61 ( 0.48) 102.17 ( 0.48) 102.95 ( 0.46) 101.50 ( 0.46) 103.15 ( 0.46) 103.20 ( 0.45) 101.30 ( 0.53) 102.32 ( 0.47) 103.03 ( 0.49) 102.86 ( 0.49) 102.40 ( 0.58) 103.74 ( 0.54) 102.97 ( 0.59) 102.15 ( 0.64) 101.88 ( 0.70) 101.67 ( 0.58) 103.22 ( 0.56) 102.70 ( 0.58) 102.99 ( 0.63) 103.18 ( 0.56) 103.45 ( 0.58) 102.79 ( 0.62) 103.44 ( 0.63) 103.22 ( 0.57) 103.66 ( 0.56) 104.36 ( 0.57) 105.05 ( 0.59) 105.95 ( 0.53) 106.66 ( 0.53) 107.72 ( 0.55) 109.50 ( 0.59) 111.61 ( 0.54) 112.86 ( 0.55) 114.31 ( 0.60) 115.33 ( 0.64) 119.49 ( 0.58) 121.88 ( 0.58) 122.73 ( 0.61) 125.43 ( 0.64) 130.62 ( 0.61) 134.38 ( 0.62) 137.07 ( 0.67) 140.18 ( 0.70) 147.04 ( 0.68) 153.45 ( 0.71) 157.67 ( 0.74) 159.25 ( 0.77) 168.37 ( 0.76) 175.94 ( 0.80) 180.06 ( 0.87) 187.25 ( 0.95)

100.00 ( . ) 98.70 ( 0.37) 97.43 ( 0.38) 98.11 ( 0.38) 98.52 ( 0.36) 96.52 ( 0.35) 96.95 ( 0.35) 97.24 ( 0.34) 94.73 ( 0.40) 96.99 ( 0.37) 97.35 ( 0.37) 96.92 ( 0.38) 96.77 ( 0.41) 98.10 ( 0.40) 98.39 ( 0.43) 98.42 ( 0.47) 98.15 ( 0.48) 99.58 ( 0.42) 100.41 ( 0.42) 100.35 ( 0.43) 100.87 ( 0.46) 103.25 ( 0.43) 104.47 ( 0.44) 104.96 ( 0.46) 104.34 ( 0.48) 108.04 ( 0.45) 109.68 ( 0.44) 110.84 ( 0.46) 112.19 ( 0.46) 116.95 ( 0.44) 120.48 ( 0.46) 121.57 ( 0.47) 124.07 ( 0.51) 129.92 ( 0.50) 134.59 ( 0.53) 136.59 ( 0.58) 140.17 ( 0.62) 148.00 ( 0.59) 153.36 ( 0.59) 157.13 ( 0.62) 161.93 ( 0.65) 169.76 ( 0.64) 175.94 ( 0.66) 178.11 ( 0.70) 181.65 ( 0.73) 191.28 ( 0.72) 199.91 ( 0.76) 202.91 ( 0.78) 205.24 ( 0.82) 213.16 ( 0.80) 218.47 ( 0.82) 223.50 ( 0.88) 226.70 ( 0.96)

100.00 ( . ) 101.78 ( 0.29) 102.04 ( 0.30) 102.44 ( 0.30) 103.76 ( 0.29) 104.90 ( 0.29) 105.63 ( 0.29) 106.25 ( 0.28) 105.66 ( 0.32) 108.09 ( 0.29) 108.90 ( 0.30) 109.57 ( 0.30) 110.70 ( 0.33) 113.27 ( 0.31) 114.88 ( 0.33) 115.83 ( 0.35) 117.92 ( 0.38) 121.58 ( 0.34) 123.91 ( 0.34) 125.54 ( 0.36) 127.88 ( 0.37) 131.76 ( 0.36) 133.97 ( 0.37) 135.06 ( 0.39) 137.01 ( 0.42) 140.55 ( 0.39) 142.05 ( 0.39) 143.28 ( 0.41) 145.11 ( 0.42) 149.11 ( 0.39) 151.58 ( 0.40) 152.94 ( 0.42) 155.38 ( 0.45) 159.49 ( 0.42) 162.04 ( 0.44) 163.31 ( 0.47) 166.05 ( 0.50) 170.67 ( 0.46) 173.29 ( 0.47) 173.57 ( 0.49) 175.63 ( 0.51) 179.16 ( 0.47) 181.85 ( 0.49) 181.83 ( 0.51) 183.24 ( 0.53) 186.82 ( 0.51) 188.47 ( 0.51) 188.93 ( 0.52) 189.72 ( 0.55) 192.54 ( 0.52) 195.32 ( 0.53) 195.01 ( 0.58) 195.63 ( 0.61)

100.00 ( . ) 99.41 ( 0.46) 99.96 ( 0.47) 100.33 ( 0.48) 101.27 ( 0.47) 102.82 ( 0.45) 104.30 ( 0.45) 104.49 ( 0.45) 105.57 ( 0.52) 107.77 ( 0.46) 109.22 ( 0.47) 109.69 ( 0.49) 111.17 ( 0.54) 113.13 ( 0.51) 113.63 ( 0.53) 114.21 ( 0.59) 114.04 ( 0.60) 116.59 ( 0.52) 118.72 ( 0.51) 119.32 ( 0.53) 119.86 ( 0.55) 122.87 ( 0.53) 123.97 ( 0.54) 124.71 ( 0.57) 125.11 ( 0.60) 127.23 ( 0.55) 129.28 ( 0.55) 129.00 ( 0.57) 130.48 ( 0.58) 134.24 ( 0.55) 137.91 ( 0.57) 139.74 ( 0.59) 141.85 ( 0.63) 148.17 ( 0.61) 152.17 ( 0.63) 153.80 ( 0.66) 158.18 ( 0.70) 164.60 ( 0.68) 169.50 ( 0.69) 172.05 ( 0.72) 176.38 ( 0.75) 183.80 ( 0.75) 189.02 ( 0.77) 189.66 ( 0.79) 193.32 ( 0.83) 200.91 ( 0.82) 206.21 ( 0.84) 207.71 ( 0.85) 211.68 ( 0.90) 218.00 ( 0.88) 222.34 ( 0.90) 225.09 ( 0.96) 227.94 ( 1.00)

100.00 ( . ) 99.03 ( 0.96) 98.73 ( 0.93) 100.50 ( 0.92) 103.30 ( 0.88) 103.68 ( 0.94) 103.49 ( 0.86) 103.94 ( 0.89) 104.96 ( 1.01) 106.23 ( 0.93) 107.84 ( 0.95) 109.14 ( 0.97) 111.04 ( 1.02) 113.22 ( 1.01) 114.05 ( 1.04) 115.25 ( 1.11) 115.95 ( 1.15) 117.99 ( 1.08) 118.85 ( 1.07) 119.71 ( 1.09) 119.92 ( 1.11) 121.62 ( 1.09) 124.05 ( 1.10) 124.15 ( 1.15) 124.60 ( 1.20) 126.67 ( 1.13) 126.74 ( 1.12) 127.06 ( 1.17) 129.04 ( 1.17) 131.25 ( 1.14) 131.96 ( 1.15) 133.59 ( 1.17) 135.24 ( 1.21) 137.48 ( 1.19) 138.58 ( 1.21) 137.51 ( 1.26) 138.25 ( 1.30) 141.44 ( 1.26) 142.93 ( 1.28) 142.05 ( 1.31) 142.41 ( 1.31) 144.66 ( 1.27) 146.33 ( 1.29) 146.65 ( 1.31) 147.25 ( 1.35) 147.26 ( 1.29) 150.24 ( 1.32) 151.76 ( 1.35) 152.52 ( 1.40) 153.70 ( 1.33) 154.88 ( 1.33) 154.74 ( 1.39) 156.95 ( 1.42)

Source: FHFA

69

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

198.46 ( 0.93) 209.24 ( 0.98) 215.42 ( 1.07) 225.00 ( 1.20) 240.64 ( 1.16) 251.96 ( 1.20) 255.23 ( 1.33) 260.31 ( 1.41) 268.18 ( 1.32) 267.27 ( 1.36) 266.44 ( 1.45) 269.60 ( 1.44) 272.37 ( 1.35) 267.92 ( 1.37) 261.36 ( 1.45) 249.93 ( 1.49) 240.45 ( 1.40) 236.26 ( 1.49) 221.65 ( 1.65) 222.63 ( 1.66) 221.69 ( 1.39) 220.17 ( 1.46) 213.06 ( 1.47) 212.06 ( 1.75) 216.14 ( 1.41) 210.05 ( 1.50) 207.44 ( 1.56) 200.93 ( 1.60) 203.44 ( 1.40) 203.36 ( 1.46) 201.42 ( 1.58) 196.92 ( 1.57) 210.76 ( 1.42) 208.79 ( 1.43) 209.39 ( 1.55) 210.33 ( 1.65) 220.35 ( 1.38) 221.17 ( 1.41) 220.57 ( 1.56) 218.88 ( 1.78) 228.23 ( 1.54) 224.16 ( 1.48) 221.86 ( 1.61) 220.24 ( 1.73) 230.28 ( 1.54) 229.56 ( 1.59) 226.61 ( 1.65) 228.91 ( 1.79) 239.27 ( 1.53) 236.81 ( 1.56) 239.03 ( 1.73) 238.88 ( 1.92) 246.86 ( 1.64)

235.16 ( 0.92) 241.87 ( 0.96) 243.31 ( 1.01) 246.85 ( 1.12) 253.88 ( 1.03) 255.63 ( 1.04) 251.94 ( 1.11) 250.90 ( 1.15) 249.48 ( 1.04) 246.54 ( 1.02) 241.04 ( 1.04) 239.11 ( 1.04) 241.60 ( 0.97) 237.81 ( 0.97) 232.49 ( 1.00) 230.31 ( 1.05) 225.40 ( 0.99) 221.68 ( 0.99) 218.83 ( 1.05) 220.93 ( 1.02) 219.57 ( 0.96) 217.71 ( 0.97) 217.40 ( 1.01) 215.73 ( 1.12) 217.45 ( 0.96) 216.37 ( 0.98) 215.26 ( 0.99) 208.86 ( 1.13) 213.03 ( 1.02) 212.55 ( 0.99) 209.17 ( 1.01) 206.70 ( 1.05) 212.22 ( 0.96) 214.83 ( 0.96) 214.12 ( 1.00) 215.08 ( 1.07) 224.03 ( 1.00) 227.38 ( 1.00) 226.28 ( 1.11) 223.78 ( 1.31) 235.52 ( 1.11) 237.51 ( 1.08) 234.82 ( 1.20) 235.65 ( 1.34) 245.21 ( 1.20) 246.93 ( 1.15) 245.59 ( 1.28) 246.91 ( 1.42) 257.14 ( 1.23) 260.42 ( 1.21) 261.16 ( 1.34) 263.57 ( 1.57) 276.16 ( 1.43)

199.43 ( 0.56) 200.94 ( 0.58) 200.61 ( 0.62) 200.07 ( 0.66) 203.64 ( 0.60) 204.10 ( 0.60) 200.99 ( 0.65) 197.15 ( 0.69) 199.61 ( 0.61) 197.34 ( 0.60) 192.19 ( 0.63) 188.70 ( 0.63) 189.21 ( 0.58) 182.69 ( 0.56) 174.81 ( 0.59) 168.41 ( 0.62) 165.90 ( 0.60) 160.67 ( 0.59) 153.66 ( 0.62) 157.20 ( 0.62) 155.61 ( 0.58) 151.87 ( 0.61) 148.75 ( 0.60) 142.87 ( 0.66) 148.08 ( 0.59) 146.85 ( 0.61) 145.25 ( 0.59) 137.84 ( 0.67) 140.73 ( 0.60) 143.81 ( 0.58) 142.93 ( 0.61) 139.65 ( 0.62) 149.66 ( 0.57) 153.12 ( 0.58) 153.24 ( 0.60) 154.16 ( 0.63) 164.23 ( 0.59) 168.99 ( 0.59) 166.49 ( 0.64) 167.42 ( 0.74) 175.22 ( 0.65) 180.29 ( 0.65) 178.60 ( 0.70) 178.04 ( 0.77) 188.07 ( 0.69) 189.77 ( 0.68) 189.88 ( 0.75) 190.55 ( 0.82) 198.97 ( 0.72) 203.89 ( 0.72) 201.92 ( 0.78) 206.04 ( 0.87) 214.86 ( 0.79)

234.22 ( 0.96) 239.17 ( 0.99) 239.56 ( 1.03) 241.53 ( 1.10) 248.10 ( 1.03) 252.13 ( 1.05) 252.41 ( 1.11) 252.03 ( 1.16) 255.09 ( 1.08) 253.91 ( 1.08) 250.14 ( 1.11) 251.03 ( 1.15) 252.79 ( 1.07) 248.83 ( 1.07) 240.56 ( 1.10) 234.20 ( 1.12) 231.82 ( 1.07) 228.80 ( 1.07) 218.73 ( 1.13) 218.50 ( 1.12) 220.19 ( 1.06) 216.54 ( 1.05) 214.85 ( 1.10) 207.14 ( 1.19) 214.06 ( 1.05) 210.87 ( 1.08) 206.93 ( 1.09) 193.50 ( 1.12) 198.08 ( 1.01) 200.95 ( 1.00) 199.18 ( 1.04) 194.35 ( 1.05) 204.51 ( 0.98) 209.71 ( 1.00) 209.55 ( 1.04) 210.41 ( 1.09) 220.30 ( 1.01) 227.36 ( 1.04) 223.94 ( 1.11) 223.42 ( 1.23) 232.70 ( 1.08) 233.98 ( 1.09) 231.97 ( 1.17) 229.20 ( 1.23) 243.53 ( 1.13) 245.33 ( 1.14) 245.04 ( 1.24) 245.65 ( 1.35) 256.29 ( 1.17) 261.22 ( 1.21) 259.02 ( 1.29) 262.29 ( 1.44) 274.68 ( 1.29)

160.10 ( 1.39) 162.10 ( 1.40) 161.96 ( 1.43) 165.52 ( 1.47) 168.25 ( 1.44) 172.77 ( 1.50) 177.62 ( 1.53) 179.70 ( 1.60) 185.59 ( 1.59) 188.13 ( 1.62) 191.41 ( 1.68) 194.10 ( 1.74) 194.64 ( 1.67) 193.11 ( 1.69) 193.89 ( 1.78) 189.30 ( 1.82) 192.70 ( 1.87) 185.89 ( 1.84) 186.08 ( 2.17) 176.42 ( 2.20) 182.53 ( 2.02) 183.39 ( 2.03) 177.86 ( 2.09) 171.47 ( 2.29) 177.37 ( 2.09) 177.96 ( 2.16) 172.00 ( 2.17) 168.11 ( 2.24) 173.18 ( 2.13) 173.58 ( 2.16) 175.90 ( 2.34) 169.95 ( 2.40) 174.73 ( 2.01) 176.83 ( 2.03) 175.26 ( 2.15) 177.46 ( 2.46) 181.93 ( 2.14) 177.97 ( 2.08) 177.10 ( 2.32) 177.74 ( 2.33) 182.85 ( 2.11) 182.04 ( 2.05) 180.98 ( 2.30) 185.61 ( 2.46) 187.42 ( 2.14) 188.44 ( 2.14) 189.61 ( 2.37) 194.31 ( 2.82) 191.28 ( 2.31) 196.40 ( 2.26) 196.78 ( 2.58) 197.16 ( 2.73) 197.83 ( 2.53)

Source: FHFA

70

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Missouri

Montana

Nebraska

Nevada

New Hampshire

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 100.94 ( 0.49) 101.42 ( 0.47) 102.18 ( 0.47) 102.57 ( 0.47) 103.51 ( 0.48) 104.33 ( 0.47) 104.26 ( 0.47) 104.18 ( 0.55) 106.57 ( 0.49) 108.36 ( 0.51) 109.18 ( 0.52) 110.68 ( 0.57) 112.40 ( 0.56) 114.12 ( 0.60) 113.95 ( 0.65) 115.30 ( 0.66) 116.78 ( 0.58) 119.06 ( 0.57) 119.32 ( 0.59) 120.26 ( 0.62) 122.41 ( 0.59) 123.86 ( 0.61) 124.13 ( 0.64) 125.20 ( 0.68) 126.08 ( 0.61) 127.27 ( 0.61) 127.96 ( 0.64) 129.32 ( 0.63) 131.65 ( 0.60) 133.69 ( 0.61) 134.91 ( 0.64) 136.87 ( 0.68) 139.47 ( 0.64) 141.40 ( 0.67) 141.83 ( 0.70) 143.54 ( 0.73) 147.61 ( 0.69) 148.76 ( 0.69) 150.62 ( 0.72) 151.51 ( 0.73) 156.08 ( 0.70) 158.11 ( 0.72) 158.99 ( 0.74) 160.13 ( 0.77) 163.51 ( 0.74) 165.56 ( 0.74) 167.02 ( 0.77) 169.02 ( 0.79) 172.09 ( 0.76) 175.26 ( 0.78) 176.52 ( 0.83) 178.90 ( 0.87)

100.00 ( . ) 104.54 ( 2.66) 107.32 ( 2.61) 111.06 ( 2.68) 111.89 ( 2.75) 113.99 ( 2.62) 118.41 ( 2.61) 121.70 ( 2.73) 124.40 ( 2.87) 129.10 ( 2.90) 132.30 ( 2.94) 137.06 ( 3.01) 137.55 ( 3.14) 145.47 ( 3.25) 144.34 ( 3.23) 147.26 ( 3.33) 148.15 ( 3.44) 150.16 ( 3.37) 154.83 ( 3.38) 153.94 ( 3.44) 154.31 ( 3.46) 157.78 ( 3.47) 160.56 ( 3.52) 158.72 ( 3.55) 161.68 ( 3.67) 161.47 ( 3.57) 161.79 ( 3.55) 162.22 ( 3.61) 163.39 ( 3.64) 164.80 ( 3.59) 166.22 ( 3.62) 166.32 ( 3.63) 166.48 ( 3.70) 170.54 ( 3.71) 173.96 ( 3.79) 172.58 ( 3.84) 174.10 ( 3.89) 177.31 ( 3.86) 180.42 ( 3.92) 179.84 ( 3.94) 186.04 ( 4.09) 187.42 ( 4.04) 187.98 ( 4.06) 191.47 ( 4.16) 194.16 ( 4.24) 197.52 ( 4.27) 202.87 ( 4.36) 205.35 ( 4.44) 206.83 ( 4.50) 215.98 ( 4.65) 221.53 ( 4.75) 223.58 ( 4.84) 225.58 ( 4.93)

100.00 ( . ) 101.69 ( 0.84) 102.22 ( 0.84) 102.12 ( 0.87) 106.14 ( 0.90) 107.27 ( 0.87) 109.26 ( 0.84) 110.77 ( 0.87) 112.17 ( 0.96) 114.67 ( 0.87) 117.13 ( 0.89) 120.23 ( 0.93) 120.13 ( 0.97) 121.60 ( 0.95) 124.17 ( 0.99) 124.11 ( 1.10) 125.44 ( 1.17) 128.75 ( 1.01) 130.04 ( 0.99) 130.58 ( 1.03) 131.72 ( 1.05) 134.90 ( 1.03) 136.73 ( 1.06) 136.87 ( 1.08) 138.63 ( 1.13) 141.87 ( 1.10) 142.78 ( 1.09) 144.22 ( 1.12) 147.02 ( 1.15) 147.93 ( 1.10) 148.84 ( 1.11) 153.75 ( 1.16) 153.93 ( 1.19) 156.12 ( 1.17) 157.53 ( 1.19) 156.80 ( 1.23) 158.27 ( 1.27) 160.98 ( 1.22) 162.60 ( 1.23) 162.16 ( 1.27) 162.41 ( 1.28) 165.75 ( 1.24) 167.42 ( 1.26) 166.33 ( 1.28) 168.36 ( 1.33) 170.79 ( 1.28) 173.27 ( 1.30) 173.39 ( 1.33) 175.43 ( 1.38) 177.91 ( 1.32) 180.36 ( 1.34) 179.80 ( 1.38) 181.87 ( 1.45)

100.00 ( . ) 100.95 ( 0.72) 100.82 ( 0.72) 102.19 ( 0.73) 102.97 ( 0.73) 102.28 ( 0.72) 104.34 ( 0.72) 104.74 ( 0.71) 104.10 ( 0.77) 106.21 ( 0.72) 106.31 ( 0.72) 106.87 ( 0.74) 107.68 ( 0.75) 109.47 ( 0.74) 110.68 ( 0.79) 110.63 ( 0.80) 110.63 ( 0.83) 113.78 ( 0.80) 114.38 ( 0.78) 114.07 ( 0.78) 114.16 ( 0.78) 115.82 ( 0.77) 116.30 ( 0.79) 116.01 ( 0.81) 116.53 ( 0.84) 117.79 ( 0.81) 119.13 ( 0.82) 118.28 ( 0.82) 116.64 ( 0.80) 119.25 ( 0.80) 120.03 ( 0.79) 120.64 ( 0.81) 121.02 ( 0.81) 121.84 ( 0.80) 123.58 ( 0.81) 124.30 ( 0.85) 124.59 ( 0.85) 127.03 ( 0.83) 127.31 ( 0.83) 129.05 ( 0.84) 131.45 ( 0.86) 134.79 ( 0.85) 136.97 ( 0.87) 138.82 ( 0.90) 141.05 ( 0.92) 143.81 ( 0.92) 148.04 ( 0.94) 150.77 ( 0.96) 154.22 ( 1.00) 159.13 ( 1.01) 166.99 ( 1.05) 175.97 ( 1.15) 187.64 ( 1.22)

100.00 ( . ) 98.41 ( 1.08) 97.33 ( 1.05) 95.48 ( 1.05) 95.85 ( 1.01) 94.15 ( 0.97) 93.11 ( 0.96) 93.66 ( 0.97) 91.67 ( 1.06) 92.31 ( 0.97) 92.71 ( 0.98) 92.80 ( 1.00) 94.17 ( 1.12) 93.23 ( 1.00) 93.68 ( 1.04) 94.05 ( 1.12) 92.39 ( 1.19) 94.87 ( 1.04) 96.21 ( 1.02) 95.44 ( 1.04) 95.67 ( 1.05) 96.83 ( 1.04) 99.66 ( 1.06) 97.94 ( 1.07) 99.03 ( 1.17) 102.01 ( 1.07) 103.10 ( 1.05) 104.12 ( 1.08) 105.32 ( 1.11) 109.08 ( 1.07) 112.15 ( 1.10) 113.24 ( 1.13) 115.03 ( 1.22) 120.92 ( 1.18) 123.12 ( 1.21) 125.39 ( 1.26) 129.39 ( 1.36) 135.62 ( 1.32) 140.31 ( 1.36) 146.03 ( 1.43) 148.12 ( 1.49) 155.64 ( 1.50) 161.52 ( 1.55) 163.63 ( 1.60) 165.73 ( 1.65) 174.48 ( 1.67) 182.38 ( 1.74) 184.80 ( 1.79) 187.80 ( 1.88) 195.29 ( 1.87) 199.39 ( 1.91) 203.89 ( 2.00) 207.49 ( 2.11)

Source: FHFA

71

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Missouri

Montana

Nebraska

Nevada

New Hampshire

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

182.48 ( 0.82) 185.03 ( 0.84) 186.50 ( 0.89) 187.79 ( 0.92) 193.37 ( 0.88) 196.66 ( 0.90) 197.17 ( 0.94) 199.72 ( 0.97) 202.48 ( 0.91) 204.93 ( 0.94) 202.55 ( 0.98) 203.90 ( 0.99) 206.49 ( 0.94) 207.44 ( 0.97) 200.54 ( 0.99) 196.38 ( 1.01) 199.34 ( 0.99) 196.36 ( 1.05) 190.24 ( 1.13) 190.67 ( 1.13) 192.96 ( 1.06) 191.58 ( 1.09) 188.66 ( 1.13) 184.60 ( 1.27) 190.38 ( 1.09) 186.60 ( 1.19) 177.35 ( 1.17) 175.17 ( 1.27) 177.59 ( 1.09) 180.12 ( 1.11) 175.66 ( 1.18) 177.09 ( 1.23) 182.03 ( 1.10) 183.01 ( 1.10) 181.42 ( 1.17) 183.20 ( 1.24) 188.50 ( 1.11) 191.51 ( 1.10) 188.56 ( 1.26) 188.65 ( 1.33) 194.35 ( 1.13) 197.12 ( 1.15) 196.07 ( 1.28) 194.79 ( 1.36) 202.74 ( 1.17) 206.54 ( 1.24) 204.92 ( 1.35) 208.59 ( 1.43) 213.61 ( 1.22) 218.12 ( 1.28) 218.09 ( 1.38) 217.53 ( 1.54) 226.54 ( 1.37)

237.40 ( 5.11) 243.84 ( 5.25) 245.81 ( 5.35) 251.87 ( 5.51) 265.54 ( 5.71) 270.62 ( 5.81) 275.89 ( 5.97) 284.61 ( 6.25) 294.16 ( 6.32) 302.17 ( 6.50) 303.54 ( 6.59) 306.86 ( 6.69) 315.86 ( 6.79) 317.11 ( 6.84) 318.52 ( 6.97) 317.82 ( 7.00) 315.21 ( 6.90) 315.08 ( 6.94) 301.49 ( 6.84) 307.16 ( 7.00) 302.92 ( 6.78) 303.66 ( 6.78) 298.35 ( 6.77) 298.30 ( 7.02) 295.88 ( 6.66) 292.53 ( 6.62) 281.74 ( 6.47) 279.58 ( 6.66) 288.15 ( 6.51) 285.04 ( 6.42) 288.11 ( 6.64) 286.33 ( 6.63) 291.28 ( 6.54) 294.53 ( 6.61) 305.12 ( 6.93) 309.52 ( 7.11) 309.08 ( 6.85) 312.12 ( 6.92) 319.67 ( 7.35) 317.00 ( 7.38) 322.35 ( 7.24) 330.05 ( 7.39) 330.28 ( 7.52) 332.79 ( 7.82) 334.43 ( 7.52) 341.02 ( 7.65) 343.20 ( 7.87) 346.76 ( 8.16) 354.21 ( 7.98) 360.08 ( 8.17) 371.40 ( 8.52) 360.74 ( 8.64) 376.15 ( 8.59)

183.82 ( 1.36) 189.27 ( 1.40) 188.09 ( 1.43) 189.49 ( 1.48) 190.96 ( 1.42) 194.73 ( 1.44) 193.58 ( 1.48) 193.39 ( 1.52) 198.65 ( 1.48) 200.11 ( 1.49) 197.18 ( 1.51) 196.73 ( 1.54) 202.02 ( 1.49) 200.86 ( 1.49) 196.58 ( 1.54) 192.72 ( 1.58) 195.07 ( 1.56) 193.60 ( 1.62) 190.81 ( 1.80) 188.48 ( 1.83) 194.95 ( 1.65) 196.14 ( 1.67) 194.10 ( 1.78) 188.54 ( 1.93) 195.98 ( 1.70) 193.16 ( 1.82) 187.61 ( 1.80) 187.63 ( 2.00) 190.75 ( 1.69) 191.78 ( 1.70) 190.51 ( 1.83) 191.26 ( 1.87) 197.23 ( 1.68) 197.03 ( 1.69) 199.84 ( 1.81) 201.28 ( 1.92) 204.47 ( 1.69) 205.79 ( 1.68) 208.55 ( 1.82) 206.34 ( 1.95) 211.69 ( 1.75) 216.36 ( 1.79) 216.14 ( 1.93) 216.71 ( 2.01) 224.20 ( 1.85) 226.49 ( 1.88) 224.82 ( 2.04) 224.57 ( 2.15) 233.80 ( 1.98) 237.77 ( 2.03) 234.77 ( 2.07) 241.20 ( 2.33) 248.07 ( 2.11)

207.25 ( 1.36) 223.61 ( 1.49) 231.41 ( 1.61) 241.51 ( 1.72) 257.52 ( 1.76) 262.50 ( 1.81) 270.65 ( 1.95) 275.04 ( 2.09) 274.38 ( 2.01) 272.71 ( 2.03) 267.81 ( 2.10) 265.08 ( 2.06) 262.49 ( 1.91) 252.74 ( 1.90) 235.62 ( 1.90) 218.39 ( 1.93) 199.92 ( 1.74) 185.11 ( 1.67) 161.20 ( 1.64) 151.90 ( 1.58) 144.26 ( 1.35) 137.36 ( 1.34) 134.84 ( 1.36) 131.74 ( 1.39) 132.64 ( 1.32) 130.38 ( 1.27) 125.53 ( 1.23) 118.58 ( 1.18) 116.09 ( 1.11) 116.36 ( 1.10) 112.17 ( 1.13) 112.13 ( 1.11) 121.08 ( 1.16) 127.90 ( 1.23) 130.99 ( 1.30) 137.94 ( 1.35) 149.19 ( 1.36) 159.02 ( 1.47) 160.54 ( 1.53) 164.55 ( 1.62) 168.78 ( 1.50) 175.90 ( 1.56) 176.15 ( 1.73) 182.38 ( 1.79) 186.84 ( 1.76) 196.51 ( 1.78) 196.52 ( 1.94) 200.48 ( 2.00) 206.91 ( 1.84) 212.41 ( 1.92) 214.63 ( 2.01) 218.75 ( 2.14) 223.00 ( 1.94)

214.71 ( 2.06) 217.93 ( 2.11) 223.31 ( 2.24) 226.53 ( 2.35) 233.53 ( 2.30) 237.37 ( 2.32) 236.76 ( 2.40) 235.00 ( 2.51) 238.17 ( 2.36) 234.70 ( 2.36) 228.81 ( 2.37) 230.60 ( 2.42) 233.35 ( 2.32) 228.57 ( 2.29) 221.69 ( 2.32) 217.63 ( 2.39) 216.44 ( 2.27) 210.21 ( 2.27) 203.24 ( 2.34) 206.77 ( 2.37) 206.32 ( 2.26) 200.03 ( 2.25) 201.73 ( 2.40) 193.14 ( 2.51) 197.83 ( 2.25) 199.97 ( 2.37) 194.89 ( 2.29) 185.29 ( 2.34) 189.77 ( 2.26) 190.60 ( 2.22) 190.29 ( 2.29) 182.37 ( 2.24) 190.28 ( 2.18) 190.19 ( 2.15) 188.74 ( 2.18) 189.58 ( 2.40) 198.36 ( 2.21) 199.98 ( 2.30) 195.30 ( 2.34) 198.97 ( 2.85) 202.42 ( 2.34) 206.46 ( 2.36) 201.90 ( 2.47) 206.99 ( 2.74) 212.16 ( 2.45) 217.23 ( 2.43) 214.41 ( 2.62) 213.95 ( 2.74) 224.17 ( 2.48) 224.74 ( 2.52) 223.01 ( 2.69) 234.67 ( 3.25) 236.39 ( 2.79)

Source: FHFA

72

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

New Jersey

New Mexico

New York

North Carolina

North Dakota

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 98.94 ( 0.38) 99.04 ( 0.38) 99.57 ( 0.39) 101.06 ( 0.38) 100.14 ( 0.37) 100.72 ( 0.38) 101.25 ( 0.37) 100.28 ( 0.42) 101.01 ( 0.39) 101.63 ( 0.39) 101.71 ( 0.39) 102.03 ( 0.43) 101.93 ( 0.42) 102.80 ( 0.44) 101.20 ( 0.46) 101.10 ( 0.51) 101.41 ( 0.43) 102.72 ( 0.42) 101.31 ( 0.44) 101.28 ( 0.47) 102.85 ( 0.43) 103.16 ( 0.43) 102.26 ( 0.44) 102.12 ( 0.48) 103.93 ( 0.45) 104.71 ( 0.43) 105.01 ( 0.45) 105.97 ( 0.46) 108.43 ( 0.42) 110.25 ( 0.42) 109.92 ( 0.43) 111.69 ( 0.46) 115.27 ( 0.44) 118.75 ( 0.46) 119.37 ( 0.48) 122.10 ( 0.52) 126.41 ( 0.49) 130.19 ( 0.49) 132.84 ( 0.51) 135.80 ( 0.54) 140.41 ( 0.52) 146.52 ( 0.54) 149.06 ( 0.57) 152.39 ( 0.59) 160.54 ( 0.59) 167.91 ( 0.62) 172.55 ( 0.65) 174.91 ( 0.68) 183.82 ( 0.68) 190.35 ( 0.69) 194.89 ( 0.75) 199.79 ( 0.80)

100.00 ( . ) 101.57 ( 0.82) 101.17 ( 0.79) 103.43 ( 0.80) 106.31 ( 0.80) 107.17 ( 0.78) 108.47 ( 0.78) 110.28 ( 0.79) 111.69 ( 0.85) 116.23 ( 0.82) 118.58 ( 0.84) 120.35 ( 0.87) 125.15 ( 0.93) 127.90 ( 0.93) 131.27 ( 0.96) 133.26 ( 1.04) 133.44 ( 1.06) 136.56 ( 1.01) 138.06 ( 1.00) 136.75 ( 1.02) 137.17 ( 1.02) 139.88 ( 1.03) 139.07 ( 1.02) 138.03 ( 1.07) 138.81 ( 1.11) 141.14 ( 1.05) 139.50 ( 1.05) 139.09 ( 1.06) 139.17 ( 1.05) 141.35 ( 1.03) 142.61 ( 1.04) 143.25 ( 1.08) 143.81 ( 1.12) 144.31 ( 1.07) 145.13 ( 1.08) 146.16 ( 1.15) 145.02 ( 1.15) 146.23 ( 1.10) 146.84 ( 1.09) 145.46 ( 1.12) 148.48 ( 1.13) 150.42 ( 1.10) 151.58 ( 1.10) 151.09 ( 1.13) 152.64 ( 1.16) 157.13 ( 1.14) 158.87 ( 1.14) 161.17 ( 1.17) 162.27 ( 1.20) 165.94 ( 1.18) 169.20 ( 1.19) 171.58 ( 1.27) 174.28 ( 1.30)

100.00 ( . ) 99.52 ( 0.43) 100.10 ( 0.42) 100.40 ( 0.45) 101.01 ( 0.43) 100.69 ( 0.42) 101.49 ( 0.43) 102.45 ( 0.42) 99.78 ( 0.47) 101.74 ( 0.43) 101.50 ( 0.43) 100.71 ( 0.44) 99.33 ( 0.46) 100.40 ( 0.46) 100.51 ( 0.46) 98.82 ( 0.50) 98.12 ( 0.55) 99.59 ( 0.48) 100.27 ( 0.45) 98.53 ( 0.46) 99.10 ( 0.49) 99.79 ( 0.46) 100.57 ( 0.46) 99.37 ( 0.48) 98.80 ( 0.51) 101.40 ( 0.49) 102.17 ( 0.47) 101.61 ( 0.48) 101.54 ( 0.50) 105.00 ( 0.46) 107.56 ( 0.46) 108.25 ( 0.48) 108.73 ( 0.51) 112.81 ( 0.49) 116.23 ( 0.50) 117.69 ( 0.53) 119.21 ( 0.56) 122.84 ( 0.54) 127.01 ( 0.54) 129.37 ( 0.56) 130.86 ( 0.59) 135.34 ( 0.57) 140.06 ( 0.57) 142.87 ( 0.60) 145.57 ( 0.63) 150.97 ( 0.63) 157.02 ( 0.64) 159.69 ( 0.67) 164.79 ( 0.72) 168.12 ( 0.70) 174.46 ( 0.71) 179.35 ( 0.76) 182.58 ( 0.81)

100.00 ( . ) 100.44 ( 0.42) 100.15 ( 0.42) 101.74 ( 0.42) 102.05 ( 0.40) 102.38 ( 0.41) 103.86 ( 0.39) 104.91 ( 0.40) 104.05 ( 0.44) 106.05 ( 0.40) 107.18 ( 0.41) 108.45 ( 0.42) 109.37 ( 0.45) 111.42 ( 0.45) 113.40 ( 0.48) 114.73 ( 0.52) 115.52 ( 0.54) 116.58 ( 0.48) 118.30 ( 0.47) 119.42 ( 0.49) 120.86 ( 0.50) 122.24 ( 0.49) 124.30 ( 0.50) 124.65 ( 0.52) 125.85 ( 0.54) 128.03 ( 0.51) 128.83 ( 0.51) 130.15 ( 0.53) 130.76 ( 0.53) 132.77 ( 0.51) 134.38 ( 0.51) 135.42 ( 0.53) 136.47 ( 0.55) 138.85 ( 0.53) 140.15 ( 0.55) 141.31 ( 0.58) 141.74 ( 0.59) 144.16 ( 0.56) 146.02 ( 0.57) 146.52 ( 0.59) 147.94 ( 0.59) 149.28 ( 0.57) 150.18 ( 0.58) 149.97 ( 0.60) 151.61 ( 0.61) 153.24 ( 0.59) 154.75 ( 0.60) 155.27 ( 0.61) 156.75 ( 0.63) 158.46 ( 0.61) 159.29 ( 0.61) 160.01 ( 0.66) 161.81 ( 0.68)

100.00 ( . ) 100.99 ( 2.15) 99.22 ( 2.14) 100.81 ( 2.16) 102.24 ( 2.23) 104.24 ( 2.08) 103.70 ( 2.04) 105.51 ( 2.04) 107.12 ( 2.43) 110.18 ( 2.18) 112.84 ( 2.18) 114.10 ( 2.23) 114.94 ( 2.45) 118.31 ( 2.53) 119.20 ( 2.46) 119.43 ( 2.62) 121.67 ( 2.85) 123.29 ( 2.45) 121.22 ( 2.36) 123.22 ( 2.44) 123.24 ( 2.67) 124.39 ( 2.43) 127.56 ( 2.47) 126.23 ( 2.51) 126.28 ( 2.80) 127.85 ( 2.47) 131.28 ( 2.56) 129.80 ( 2.65) 129.29 ( 2.58) 132.28 ( 2.52) 135.65 ( 2.56) 136.13 ( 2.63) 135.14 ( 2.71) 136.85 ( 2.58) 138.05 ( 2.70) 136.26 ( 2.79) 140.26 ( 2.96) 139.85 ( 2.75) 142.04 ( 2.75) 138.51 ( 2.70) 143.52 ( 2.84) 143.80 ( 2.69) 144.13 ( 2.70) 147.56 ( 2.84) 147.08 ( 2.89) 151.16 ( 2.84) 154.68 ( 2.87) 157.32 ( 3.00) 158.05 ( 3.04) 160.81 ( 2.94) 164.02 ( 3.00) 164.94 ( 3.07) 165.88 ( 3.14)

Source: FHFA

73

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

New Jersey

New Mexico

New York

North Carolina

North Dakota

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

209.99 ( 0.79) 217.95 ( 0.83) 223.88 ( 0.88) 229.41 ( 0.96) 240.43 ( 0.93) 249.65 ( 0.96) 252.46 ( 1.03) 254.87 ( 1.10) 260.32 ( 1.03) 258.76 ( 1.05) 255.59 ( 1.07) 255.68 ( 1.09) 257.86 ( 1.03) 254.24 ( 1.03) 250.49 ( 1.07) 244.63 ( 1.11) 240.62 ( 1.04) 236.15 ( 1.07) 230.01 ( 1.15) 227.94 ( 1.19) 224.46 ( 1.06) 223.24 ( 1.05) 220.03 ( 1.11) 219.48 ( 1.25) 219.32 ( 1.06) 218.20 ( 1.12) 215.07 ( 1.13) 207.50 ( 1.20) 207.02 ( 1.09) 208.00 ( 1.08) 203.14 ( 1.12) 198.76 ( 1.15) 204.25 ( 1.04) 205.14 ( 1.02) 203.28 ( 1.12) 200.61 ( 1.15) 209.67 ( 1.03) 210.81 ( 1.02) 208.41 ( 1.14) 206.27 ( 1.27) 214.80 ( 1.11) 214.85 ( 1.07) 214.29 ( 1.18) 212.05 ( 1.26) 216.33 ( 1.12) 219.52 ( 1.10) 218.67 ( 1.22) 216.59 ( 1.32) 225.07 ( 1.13) 227.41 ( 1.12) 225.57 ( 1.20) 223.65 ( 1.36) 231.66 ( 1.21)

179.58 ( 1.28) 183.58 ( 1.31) 186.32 ( 1.37) 192.47 ( 1.44) 200.37 ( 1.42) 208.33 ( 1.47) 214.74 ( 1.54) 220.67 ( 1.61) 229.60 ( 1.63) 235.15 ( 1.66) 238.47 ( 1.74) 240.88 ( 1.79) 244.07 ( 1.75) 243.60 ( 1.76) 240.22 ( 1.84) 240.55 ( 1.89) 237.86 ( 1.84) 235.54 ( 1.87) 231.39 ( 2.05) 222.87 ( 2.10) 225.36 ( 2.00) 222.69 ( 1.97) 222.52 ( 2.08) 220.57 ( 2.28) 214.42 ( 1.97) 212.60 ( 2.05) 209.43 ( 2.09) 204.31 ( 2.12) 201.78 ( 1.94) 204.06 ( 1.93) 200.98 ( 2.04) 199.70 ( 2.09) 205.35 ( 1.90) 205.71 ( 1.99) 202.60 ( 2.00) 204.56 ( 2.09) 208.06 ( 1.95) 209.98 ( 1.90) 207.63 ( 2.04) 207.64 ( 2.13) 212.26 ( 2.00) 213.18 ( 1.99) 214.46 ( 2.13) 210.20 ( 2.27) 215.91 ( 2.04) 223.33 ( 2.08) 215.56 ( 2.27) 217.48 ( 2.32) 224.77 ( 2.16) 226.51 ( 2.21) 226.62 ( 2.21) 229.15 ( 2.46) 233.32 ( 2.27)

188.67 ( 0.80) 193.35 ( 0.81) 198.54 ( 0.86) 200.95 ( 0.94) 205.15 ( 0.89) 212.93 ( 0.89) 214.17 ( 0.95) 215.10 ( 1.03) 218.67 ( 0.96) 218.05 ( 0.95) 217.63 ( 0.99) 215.98 ( 1.02) 220.09 ( 0.96) 220.20 ( 0.95) 217.87 ( 0.99) 215.34 ( 1.06) 215.66 ( 1.02) 215.78 ( 1.02) 209.31 ( 1.10) 207.21 ( 1.20) 207.01 ( 1.05) 207.57 ( 1.02) 206.37 ( 1.08) 204.58 ( 1.24) 206.33 ( 1.05) 205.70 ( 1.13) 204.82 ( 1.16) 199.24 ( 1.26) 201.36 ( 1.16) 201.60 ( 1.10) 197.91 ( 1.16) 197.07 ( 1.27) 200.59 ( 1.12) 201.70 ( 1.07) 199.89 ( 1.13) 200.15 ( 1.24) 203.96 ( 1.09) 206.47 ( 1.04) 205.95 ( 1.13) 204.24 ( 1.32) 208.36 ( 1.18) 209.66 ( 1.10) 210.39 ( 1.22) 209.43 ( 1.35) 213.40 ( 1.21) 217.61 ( 1.14) 215.93 ( 1.25) 215.54 ( 1.40) 221.21 ( 1.22) 224.68 ( 1.17) 225.88 ( 1.30) 226.58 ( 1.46) 230.89 ( 1.36)

165.83 ( 0.66) 167.13 ( 0.66) 169.43 ( 0.70) 172.94 ( 0.73) 175.98 ( 0.69) 179.24 ( 0.70) 182.75 ( 0.74) 186.67 ( 0.78) 190.44 ( 0.74) 193.80 ( 0.75) 196.92 ( 0.80) 198.98 ( 0.82) 201.77 ( 0.79) 203.14 ( 0.81) 201.30 ( 0.84) 200.05 ( 0.87) 203.52 ( 0.87) 198.36 ( 0.93) 193.02 ( 1.02) 196.80 ( 0.98) 195.91 ( 0.95) 192.95 ( 1.00) 189.18 ( 1.02) 184.38 ( 1.10) 187.05 ( 0.96) 181.93 ( 1.00) 182.57 ( 1.03) 172.57 ( 1.05) 175.97 ( 0.98) 176.32 ( 1.02) 176.52 ( 1.02) 172.95 ( 1.08) 177.03 ( 0.92) 178.23 ( 0.94) 176.67 ( 0.97) 179.90 ( 1.01) 185.59 ( 0.92) 186.85 ( 0.96) 186.73 ( 1.03) 186.14 ( 1.15) 192.99 ( 0.99) 192.66 ( 1.00) 191.65 ( 1.06) 195.45 ( 1.13) 202.16 ( 1.03) 205.82 ( 1.07) 204.83 ( 1.17) 208.15 ( 1.23) 214.66 ( 1.10) 218.42 ( 1.13) 219.57 ( 1.22) 222.01 ( 1.31) 232.83 ( 1.26)

172.20 ( 3.16) 175.95 ( 3.22) 177.81 ( 3.30) 180.34 ( 3.42) 185.16 ( 3.39) 189.06 ( 3.43) 192.03 ( 3.58) 190.30 ( 3.63) 199.62 ( 3.69) 201.87 ( 3.70) 201.18 ( 3.76) 202.82 ( 3.81) 208.05 ( 3.79) 210.55 ( 3.87) 207.46 ( 3.86) 209.19 ( 4.00) 212.89 ( 3.99) 214.28 ( 4.09) 212.71 ( 4.25) 210.30 ( 4.44) 217.84 ( 4.25) 216.44 ( 4.16) 216.48 ( 4.26) 220.72 ( 4.87) 219.53 ( 4.20) 218.84 ( 4.30) 225.02 ( 4.48) 224.21 ( 4.72) 227.71 ( 4.47) 230.78 ( 4.38) 234.21 ( 4.56) 237.57 ( 4.73) 244.83 ( 4.65) 251.20 ( 4.71) 256.05 ( 4.84) 257.57 ( 4.98) 262.48 ( 4.86) 271.38 ( 5.05) 269.21 ( 5.08) 276.49 ( 5.34) 280.50 ( 5.20) 290.69 ( 5.42) 292.53 ( 5.59) 295.59 ( 5.78) 298.11 ( 5.67) 303.57 ( 5.73) 304.32 ( 5.92) 306.52 ( 6.43) 307.06 ( 5.85) 311.30 ( 5.91) 307.54 ( 5.89) 304.81 ( 6.26) 313.55 ( 6.07)

Source: FHFA

74

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 101.51 ( 0.26) 101.95 ( 0.27) 102.86 ( 0.27) 104.24 ( 0.26) 105.83 ( 0.26) 106.97 ( 0.26) 107.93 ( 0.26) 108.08 ( 0.29) 110.54 ( 0.27) 112.02 ( 0.27) 113.18 ( 0.28) 113.71 ( 0.31) 116.46 ( 0.30) 117.30 ( 0.31) 118.09 ( 0.34) 119.10 ( 0.36) 120.85 ( 0.31) 122.32 ( 0.31) 123.15 ( 0.32) 124.34 ( 0.33) 126.84 ( 0.32) 127.64 ( 0.33) 127.89 ( 0.35) 128.41 ( 0.36) 130.41 ( 0.33) 131.46 ( 0.33) 131.38 ( 0.35) 132.84 ( 0.35) 134.92 ( 0.33) 136.11 ( 0.33) 137.03 ( 0.35) 138.70 ( 0.37) 141.35 ( 0.35) 142.96 ( 0.36) 143.17 ( 0.38) 144.22 ( 0.40) 147.26 ( 0.37) 148.48 ( 0.37) 148.65 ( 0.39) 149.54 ( 0.40) 152.81 ( 0.37) 153.52 ( 0.38) 153.87 ( 0.40) 155.15 ( 0.41) 157.68 ( 0.39) 159.14 ( 0.40) 159.78 ( 0.41) 160.21 ( 0.43) 164.08 ( 0.40) 165.09 ( 0.41) 165.37 ( 0.45) 165.84 ( 0.47)

100.00 ( . ) 100.66 ( 0.79) 101.47 ( 0.78) 102.33 ( 0.82) 102.53 ( 0.76) 102.84 ( 0.77) 103.71 ( 0.74) 105.27 ( 0.76) 105.68 ( 0.82) 108.01 ( 0.77) 109.51 ( 0.79) 111.41 ( 0.81) 111.70 ( 0.85) 114.05 ( 0.85) 114.19 ( 0.88) 115.86 ( 0.94) 114.84 ( 0.98) 116.49 ( 0.89) 118.14 ( 0.87) 118.85 ( 0.90) 118.81 ( 0.91) 121.39 ( 0.88) 122.14 ( 0.90) 122.32 ( 0.94) 122.44 ( 0.96) 124.39 ( 0.92) 125.24 ( 0.92) 125.85 ( 0.95) 126.72 ( 0.96) 129.66 ( 0.93) 130.61 ( 0.94) 133.02 ( 0.98) 133.88 ( 1.02) 135.83 ( 0.98) 138.27 ( 1.01) 138.63 ( 1.05) 139.67 ( 1.06) 142.04 ( 1.03) 143.24 ( 1.03) 144.48 ( 1.07) 144.91 ( 1.08) 147.88 ( 1.05) 149.22 ( 1.07) 149.60 ( 1.10) 150.72 ( 1.12) 152.87 ( 1.09) 154.00 ( 1.10) 155.71 ( 1.12) 155.67 ( 1.16) 159.08 ( 1.13) 160.68 ( 1.13) 161.24 ( 1.19) 162.09 ( 1.22)

100.00 ( . ) 102.48 ( 0.55) 104.38 ( 0.56) 105.49 ( 0.55) 108.39 ( 0.57) 110.85 ( 0.56) 113.37 ( 0.57) 115.23 ( 0.57) 116.89 ( 0.63) 120.36 ( 0.59) 123.30 ( 0.60) 126.43 ( 0.62) 128.96 ( 0.65) 133.73 ( 0.65) 136.63 ( 0.69) 139.17 ( 0.74) 142.20 ( 0.78) 144.83 ( 0.73) 147.47 ( 0.73) 148.60 ( 0.74) 151.45 ( 0.76) 155.53 ( 0.76) 157.77 ( 0.77) 159.25 ( 0.80) 162.41 ( 0.85) 164.38 ( 0.82) 166.22 ( 0.82) 165.87 ( 0.84) 165.74 ( 0.84) 170.63 ( 0.82) 171.86 ( 0.83) 171.67 ( 0.85) 173.51 ( 0.89) 177.02 ( 0.87) 177.69 ( 0.88) 177.27 ( 0.93) 179.89 ( 0.95) 181.39 ( 0.90) 182.71 ( 0.90) 184.12 ( 0.92) 186.57 ( 0.93) 190.25 ( 0.91) 192.71 ( 0.93) 193.12 ( 0.97) 195.49 ( 0.99) 200.13 ( 0.96) 203.79 ( 0.98) 204.76 ( 1.00) 208.10 ( 1.04) 214.20 ( 1.03) 217.87 ( 1.04) 221.42 ( 1.09) 226.09 ( 1.15)

100.00 ( . ) 100.09 ( 0.36) 100.43 ( 0.36) 101.43 ( 0.36) 101.79 ( 0.35) 102.37 ( 0.35) 102.51 ( 0.36) 102.93 ( 0.35) 102.27 ( 0.40) 103.64 ( 0.36) 103.99 ( 0.36) 104.63 ( 0.38) 104.36 ( 0.41) 105.30 ( 0.39) 105.99 ( 0.41) 105.13 ( 0.45) 103.76 ( 0.47) 105.66 ( 0.40) 105.75 ( 0.39) 105.36 ( 0.41) 104.99 ( 0.43) 106.47 ( 0.40) 107.16 ( 0.41) 106.38 ( 0.42) 106.42 ( 0.45) 107.37 ( 0.41) 107.83 ( 0.40) 107.85 ( 0.41) 107.75 ( 0.42) 110.02 ( 0.38) 110.44 ( 0.38) 111.20 ( 0.40) 111.73 ( 0.42) 113.91 ( 0.39) 115.23 ( 0.40) 115.54 ( 0.43) 116.58 ( 0.46) 119.46 ( 0.41) 120.60 ( 0.42) 121.38 ( 0.44) 122.94 ( 0.45) 126.59 ( 0.43) 128.87 ( 0.43) 129.71 ( 0.45) 131.66 ( 0.47) 135.81 ( 0.46) 139.02 ( 0.47) 141.60 ( 0.49) 143.48 ( 0.51) 148.25 ( 0.49) 152.50 ( 0.50) 153.32 ( 0.53) 156.80 ( 0.57)

100.00 ( . ) 97.39 ( 0.90) 95.73 ( 0.96) 96.71 ( 0.94) 96.11 ( 0.91) 94.36 ( 0.90) 94.88 ( 0.87) 96.35 ( 0.86) 93.29 ( 0.98) 93.21 ( 0.90) 92.85 ( 0.91) 92.71 ( 0.93) 92.39 ( 1.01) 93.46 ( 0.96) 92.68 ( 1.07) 91.64 ( 1.10) 91.64 ( 1.19) 92.19 ( 1.00) 91.54 ( 0.98) 92.20 ( 1.06) 90.49 ( 1.05) 91.61 ( 1.00) 91.87 ( 1.02) 90.45 ( 1.03) 91.05 ( 1.16) 91.85 ( 0.99) 91.57 ( 0.96) 92.67 ( 0.98) 92.62 ( 1.00) 95.54 ( 0.91) 96.72 ( 0.92) 97.74 ( 0.94) 98.63 ( 1.00) 100.44 ( 0.94) 104.90 ( 0.98) 106.54 ( 1.09) 106.55 ( 1.13) 113.22 ( 1.06) 117.63 ( 1.10) 120.24 ( 1.10) 121.74 ( 1.16) 128.21 ( 1.14) 134.06 ( 1.20) 138.58 ( 1.26) 143.08 ( 1.35) 151.65 ( 1.35) 160.71 ( 1.42) 165.89 ( 1.47) 170.15 ( 1.57) 179.63 ( 1.57) 186.44 ( 1.63) 193.10 ( 1.80) 199.63 ( 1.92)

Source: FHFA

75

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

169.68 ( 0.43) 170.75 ( 0.44) 170.37 ( 0.47) 170.76 ( 0.49) 175.11 ( 0.45) 175.40 ( 0.45) 174.82 ( 0.49) 174.29 ( 0.50) 177.83 ( 0.46) 176.93 ( 0.47) 174.06 ( 0.49) 172.76 ( 0.50) 175.84 ( 0.46) 174.31 ( 0.47) 169.53 ( 0.50) 164.66 ( 0.53) 166.89 ( 0.51) 164.49 ( 0.55) 157.81 ( 0.61) 154.90 ( 0.66) 160.15 ( 0.57) 160.57 ( 0.58) 157.70 ( 0.61) 155.54 ( 0.71) 157.75 ( 0.56) 154.88 ( 0.62) 151.31 ( 0.64) 145.07 ( 0.70) 150.21 ( 0.58) 151.88 ( 0.58) 148.30 ( 0.61) 146.54 ( 0.64) 154.37 ( 0.56) 155.69 ( 0.56) 152.68 ( 0.59) 152.20 ( 0.64) 159.50 ( 0.54) 162.20 ( 0.54) 159.35 ( 0.61) 159.66 ( 0.68) 166.20 ( 0.57) 167.63 ( 0.58) 166.50 ( 0.63) 165.94 ( 0.70) 173.30 ( 0.61) 175.02 ( 0.62) 174.03 ( 0.70) 174.67 ( 0.75) 181.66 ( 0.64) 184.99 ( 0.64) 183.64 ( 0.71) 183.96 ( 0.78) 193.22 ( 0.71)

166.20 ( 1.19) 165.36 ( 1.18) 168.19 ( 1.25) 168.72 ( 1.26) 173.79 ( 1.24) 176.65 ( 1.25) 177.94 ( 1.30) 179.65 ( 1.32) 184.85 ( 1.31) 185.68 ( 1.33) 186.16 ( 1.38) 189.82 ( 1.41) 191.53 ( 1.36) 195.70 ( 1.40) 194.54 ( 1.44) 191.88 ( 1.50) 195.79 ( 1.51) 194.85 ( 1.54) 188.53 ( 1.69) 190.11 ( 1.76) 196.24 ( 1.66) 195.92 ( 1.68) 192.88 ( 1.75) 190.53 ( 1.94) 195.52 ( 1.70) 194.27 ( 1.78) 192.55 ( 1.90) 183.11 ( 1.86) 193.47 ( 1.72) 189.35 ( 1.67) 191.52 ( 1.81) 188.41 ( 1.88) 194.96 ( 1.72) 197.53 ( 1.71) 196.90 ( 1.83) 199.65 ( 1.90) 205.26 ( 1.74) 204.83 ( 1.71) 201.39 ( 1.82) 205.41 ( 1.93) 207.96 ( 1.79) 211.02 ( 1.82) 210.41 ( 1.99) 217.37 ( 2.11) 220.42 ( 1.94) 222.84 ( 1.99) 222.62 ( 2.24) 219.69 ( 2.20) 226.89 ( 2.00) 229.68 ( 2.07) 226.33 ( 2.23) 230.08 ( 2.35) 235.80 ( 2.13)

233.90 ( 1.13) 243.57 ( 1.18) 249.38 ( 1.25) 256.53 ( 1.31) 270.97 ( 1.32) 287.30 ( 1.38) 296.87 ( 1.47) 305.36 ( 1.54) 320.03 ( 1.56) 328.35 ( 1.62) 327.20 ( 1.67) 333.60 ( 1.71) 341.36 ( 1.67) 339.09 ( 1.69) 331.22 ( 1.73) 322.45 ( 1.77) 323.05 ( 1.75) 315.60 ( 1.75) 301.03 ( 1.88) 294.86 ( 1.90) 289.03 ( 1.76) 285.73 ( 1.71) 278.45 ( 1.73) 269.12 ( 1.83) 276.89 ( 1.68) 264.39 ( 1.64) 254.27 ( 1.64) 244.72 ( 1.67) 245.60 ( 1.54) 249.28 ( 1.56) 245.86 ( 1.58) 241.76 ( 1.60) 253.19 ( 1.51) 263.75 ( 1.55) 260.43 ( 1.58) 267.80 ( 1.71) 284.37 ( 1.58) 290.42 ( 1.62) 290.79 ( 1.74) 291.68 ( 1.86) 305.52 ( 1.73) 310.78 ( 1.73) 312.12 ( 1.84) 313.07 ( 1.92) 332.68 ( 1.86) 340.61 ( 1.91) 345.14 ( 2.05) 350.92 ( 2.19) 371.58 ( 2.09) 376.44 ( 2.10) 382.96 ( 2.27) 382.82 ( 2.43) 403.59 ( 2.35)

163.57 ( 0.55) 168.71 ( 0.56) 172.02 ( 0.60) 174.11 ( 0.64) 181.26 ( 0.61) 188.01 ( 0.63) 189.70 ( 0.66) 192.52 ( 0.70) 195.97 ( 0.67) 198.73 ( 0.68) 198.06 ( 0.71) 198.97 ( 0.73) 203.28 ( 0.69) 202.44 ( 0.70) 200.30 ( 0.74) 198.20 ( 0.78) 198.12 ( 0.75) 196.59 ( 0.77) 191.41 ( 0.86) 188.76 ( 0.91) 190.75 ( 0.80) 190.49 ( 0.81) 189.82 ( 0.87) 189.05 ( 1.00) 189.66 ( 0.82) 187.06 ( 0.88) 185.62 ( 0.93) 181.53 ( 1.02) 185.86 ( 0.86) 184.69 ( 0.85) 180.67 ( 0.91) 180.52 ( 0.96) 185.42 ( 0.83) 185.42 ( 0.83) 185.11 ( 0.88) 185.06 ( 0.94) 191.47 ( 0.81) 193.40 ( 0.82) 190.92 ( 0.89) 189.19 ( 1.01) 196.95 ( 0.87) 197.47 ( 0.87) 195.11 ( 0.93) 194.10 ( 1.03) 201.38 ( 0.90) 201.99 ( 0.91) 200.71 ( 1.00) 201.93 ( 1.09) 208.40 ( 0.93) 210.77 ( 0.94) 209.23 ( 1.02) 210.33 ( 1.15) 217.47 ( 1.01)

208.20 ( 1.90) 219.64 ( 2.02) 221.84 ( 2.17) 229.40 ( 2.39) 233.56 ( 2.21) 238.04 ( 2.25) 236.53 ( 2.39) 235.39 ( 2.46) 239.13 ( 2.29) 236.00 ( 2.32) 235.04 ( 2.43) 225.80 ( 2.39) 228.09 ( 2.19) 224.55 ( 2.22) 222.26 ( 2.36) 211.73 ( 2.36) 210.14 ( 2.27) 200.97 ( 2.24) 197.10 ( 2.34) 198.21 ( 2.29) 191.49 ( 2.07) 193.27 ( 2.21) 191.39 ( 2.41) 182.78 ( 2.47) 185.97 ( 2.21) 186.77 ( 2.29) 183.91 ( 2.38) 177.39 ( 2.48) 177.85 ( 2.29) 174.20 ( 2.29) 174.50 ( 2.34) 174.87 ( 2.43) 175.81 ( 2.11) 173.09 ( 2.03) 175.94 ( 2.10) 171.93 ( 2.27) 179.51 ( 2.07) 183.20 ( 2.12) 178.58 ( 2.21) 185.12 ( 2.79) 185.21 ( 2.15) 188.36 ( 2.20) 190.79 ( 2.33) 188.70 ( 2.50) 192.00 ( 2.29) 194.69 ( 2.33) 199.35 ( 2.46) 196.64 ( 2.72) 204.58 ( 2.33) 206.20 ( 2.40) 209.47 ( 2.53) 211.34 ( 3.03) 220.79 ( 2.65)

Source: FHFA

76

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

South Carolina

South Dakota

Tennessee

Texas

Utah

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 100.77 ( 0.60) 101.91 ( 0.61) 102.38 ( 0.61) 102.87 ( 0.58) 103.45 ( 0.59) 104.84 ( 0.57) 105.79 ( 0.57) 105.37 ( 0.63) 105.75 ( 0.58) 107.78 ( 0.59) 108.43 ( 0.61) 109.14 ( 0.66) 110.60 ( 0.64) 111.00 ( 0.69) 111.80 ( 0.77) 113.34 ( 0.78) 114.16 ( 0.67) 115.29 ( 0.66) 114.75 ( 0.68) 117.10 ( 0.69) 118.56 ( 0.67) 119.30 ( 0.69) 122.16 ( 0.74) 122.38 ( 0.73) 123.00 ( 0.70) 124.01 ( 0.69) 125.37 ( 0.72) 126.50 ( 0.72) 128.81 ( 0.69) 130.59 ( 0.70) 132.01 ( 0.73) 133.27 ( 0.75) 136.67 ( 0.74) 138.43 ( 0.76) 139.05 ( 0.81) 140.59 ( 0.83) 143.96 ( 0.80) 144.68 ( 0.81) 145.06 ( 0.83) 146.81 ( 0.84) 148.65 ( 0.81) 149.87 ( 0.83) 149.70 ( 0.86) 152.47 ( 0.87) 153.16 ( 0.84) 154.59 ( 0.85) 155.74 ( 0.88) 155.65 ( 0.90) 158.39 ( 0.86) 160.05 ( 0.87) 160.55 ( 0.94) 163.72 ( 0.97)

100.00 ( . ) 102.98 ( 1.98) 102.90 ( 1.89) 101.95 ( 1.85) 106.95 ( 2.01) 107.13 ( 1.86) 109.52 ( 1.82) 110.85 ( 1.88) 112.44 ( 2.07) 116.45 ( 1.99) 117.47 ( 2.01) 119.68 ( 2.05) 122.13 ( 2.27) 124.96 ( 2.16) 125.02 ( 2.15) 127.52 ( 2.28) 125.18 ( 2.37) 130.98 ( 2.24) 129.30 ( 2.16) 131.10 ( 2.27) 133.14 ( 2.31) 134.20 ( 2.26) 137.27 ( 2.32) 136.28 ( 2.33) 136.10 ( 2.47) 140.38 ( 2.36) 141.38 ( 2.36) 140.81 ( 2.43) 144.77 ( 2.47) 145.52 ( 2.43) 145.29 ( 2.43) 144.81 ( 2.43) 149.71 ( 2.59) 151.28 ( 2.51) 152.76 ( 2.52) 152.60 ( 2.58) 154.65 ( 2.69) 158.84 ( 2.64) 161.23 ( 2.68) 158.97 ( 2.69) 161.39 ( 2.76) 164.89 ( 2.72) 167.20 ( 2.76) 167.92 ( 2.80) 167.25 ( 2.85) 173.02 ( 2.85) 172.35 ( 2.86) 173.36 ( 2.89) 174.32 ( 2.96) 178.91 ( 2.95) 183.53 ( 3.02) 182.93 ( 3.07) 184.58 ( 3.13)

100.00 ( . ) 100.56 ( 0.56) 100.85 ( 0.55) 101.91 ( 0.56) 102.57 ( 0.53) 102.50 ( 0.53) 104.66 ( 0.51) 104.88 ( 0.52) 104.82 ( 0.56) 107.05 ( 0.54) 108.65 ( 0.54) 109.88 ( 0.56) 111.47 ( 0.59) 113.43 ( 0.59) 115.26 ( 0.61) 115.71 ( 0.65) 117.99 ( 0.68) 119.44 ( 0.62) 121.31 ( 0.61) 122.87 ( 0.64) 123.86 ( 0.64) 126.02 ( 0.64) 127.88 ( 0.65) 128.10 ( 0.67) 129.51 ( 0.69) 131.47 ( 0.67) 131.64 ( 0.66) 132.07 ( 0.67) 133.68 ( 0.68) 136.15 ( 0.66) 137.21 ( 0.67) 138.16 ( 0.69) 140.01 ( 0.72) 141.34 ( 0.69) 142.69 ( 0.71) 143.87 ( 0.74) 144.51 ( 0.76) 146.62 ( 0.73) 146.99 ( 0.73) 147.33 ( 0.75) 148.42 ( 0.75) 149.63 ( 0.73) 150.16 ( 0.74) 151.77 ( 0.75) 152.55 ( 0.77) 153.78 ( 0.75) 155.69 ( 0.76) 155.69 ( 0.78) 157.71 ( 0.80) 160.09 ( 0.77) 161.73 ( 0.78) 163.40 ( 0.82) 164.51 ( 0.83)

100.00 ( . ) 100.66 ( 0.34) 100.92 ( 0.34) 100.48 ( 0.35) 101.80 ( 0.34) 102.19 ( 0.33) 103.42 ( 0.33) 104.19 ( 0.33) 104.02 ( 0.35) 105.73 ( 0.33) 106.99 ( 0.33) 108.02 ( 0.34) 108.62 ( 0.36) 109.92 ( 0.35) 110.52 ( 0.36) 110.52 ( 0.38) 110.76 ( 0.39) 112.00 ( 0.36) 112.93 ( 0.35) 113.24 ( 0.37) 113.53 ( 0.37) 114.79 ( 0.36) 115.64 ( 0.36) 115.27 ( 0.37) 115.47 ( 0.38) 117.31 ( 0.37) 118.04 ( 0.37) 118.76 ( 0.38) 120.49 ( 0.39) 122.65 ( 0.37) 124.81 ( 0.38) 125.86 ( 0.39) 127.44 ( 0.40) 130.63 ( 0.40) 132.57 ( 0.41) 134.36 ( 0.43) 136.57 ( 0.43) 139.78 ( 0.43) 142.23 ( 0.44) 143.39 ( 0.45) 144.93 ( 0.46) 147.72 ( 0.45) 148.97 ( 0.46) 149.05 ( 0.47) 149.89 ( 0.48) 152.82 ( 0.47) 153.59 ( 0.47) 153.88 ( 0.49) 154.40 ( 0.50) 156.42 ( 0.48) 157.21 ( 0.48) 157.27 ( 0.51) 158.35 ( 0.52)

100.00 ( . ) 101.52 ( 0.70) 102.44 ( 0.68) 104.19 ( 0.69) 106.15 ( 0.67) 109.72 ( 0.69) 110.61 ( 0.68) 114.68 ( 0.70) 117.68 ( 0.79) 123.10 ( 0.77) 128.63 ( 0.78) 134.04 ( 0.84) 138.05 ( 0.88) 145.71 ( 0.91) 149.63 ( 0.95) 152.41 ( 1.01) 155.28 ( 1.05) 158.30 ( 0.99) 162.32 ( 1.01) 164.34 ( 1.04) 168.22 ( 1.09) 172.26 ( 1.07) 174.75 ( 1.10) 175.72 ( 1.13) 175.61 ( 1.17) 179.80 ( 1.15) 180.44 ( 1.14) 180.30 ( 1.16) 182.43 ( 1.19) 186.48 ( 1.16) 185.16 ( 1.15) 187.31 ( 1.18) 187.94 ( 1.21) 190.68 ( 1.18) 190.42 ( 1.20) 191.16 ( 1.25) 192.21 ( 1.27) 194.40 ( 1.22) 195.54 ( 1.23) 194.49 ( 1.24) 196.58 ( 1.25) 198.61 ( 1.23) 197.82 ( 1.23) 198.07 ( 1.26) 199.34 ( 1.30) 200.56 ( 1.25) 201.13 ( 1.24) 203.20 ( 1.27) 202.62 ( 1.29) 206.48 ( 1.27) 208.21 ( 1.28) 207.88 ( 1.32) 211.31 ( 1.35)

Source: FHFA

77

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

South Carolina

South Dakota

Tennessee

Texas

Utah

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

165.67 ( 0.92) 169.62 ( 0.96) 171.16 ( 1.00) 173.40 ( 1.03) 177.52 ( 0.98) 180.95 ( 1.01) 186.10 ( 1.09) 188.12 ( 1.11) 192.43 ( 1.07) 193.63 ( 1.07) 197.68 ( 1.17) 198.39 ( 1.17) 202.26 ( 1.13) 202.57 ( 1.15) 200.21 ( 1.23) 201.49 ( 1.28) 200.39 ( 1.26) 197.09 ( 1.34) 189.93 ( 1.51) 193.39 ( 1.53) 192.37 ( 1.43) 192.37 ( 1.52) 188.10 ( 1.60) 184.27 ( 1.75) 183.45 ( 1.50) 179.55 ( 1.59) 180.02 ( 1.61) 169.08 ( 1.61) 171.84 ( 1.50) 173.66 ( 1.52) 175.02 ( 1.63) 168.91 ( 1.61) 177.43 ( 1.49) 177.03 ( 1.43) 175.16 ( 1.55) 177.23 ( 1.54) 184.46 ( 1.42) 188.94 ( 1.48) 184.89 ( 1.61) 183.83 ( 1.71) 190.84 ( 1.50) 195.41 ( 1.54) 194.62 ( 1.69) 198.50 ( 1.75) 206.06 ( 1.60) 205.40 ( 1.62) 208.90 ( 1.87) 213.93 ( 1.91) 215.47 ( 1.69) 219.74 ( 1.79) 223.39 ( 1.90) 222.78 ( 1.98) 228.86 ( 1.85)

188.79 ( 3.12) 193.80 ( 3.19) 192.44 ( 3.19) 196.07 ( 3.34) 201.83 ( 3.35) 202.23 ( 3.32) 207.09 ( 3.44) 205.96 ( 3.49) 211.91 ( 3.49) 213.76 ( 3.52) 213.72 ( 3.59) 215.49 ( 3.65) 217.88 ( 3.58) 219.84 ( 3.63) 220.08 ( 3.71) 221.26 ( 3.75) 222.61 ( 3.72) 223.91 ( 3.79) 220.20 ( 3.84) 220.07 ( 3.84) 222.87 ( 3.81) 221.29 ( 3.84) 221.35 ( 3.93) 220.47 ( 4.22) 220.21 ( 3.88) 219.22 ( 3.85) 214.50 ( 3.96) 216.05 ( 4.17) 217.71 ( 3.90) 220.40 ( 3.90) 221.84 ( 4.06) 217.93 ( 3.98) 223.28 ( 3.86) 226.76 ( 3.90) 226.49 ( 3.96) 228.82 ( 4.13) 231.78 ( 3.97) 238.29 ( 4.05) 238.64 ( 4.17) 238.94 ( 4.33) 244.23 ( 4.23) 244.86 ( 4.21) 248.50 ( 4.36) 247.70 ( 4.52) 253.61 ( 4.34) 256.16 ( 4.42) 256.17 ( 4.48) 261.03 ( 4.91) 265.91 ( 4.59) 271.72 ( 4.67) 271.05 ( 4.84) 277.38 ( 5.26) 280.10 ( 4.93)

168.10 ( 0.82) 170.95 ( 0.83) 171.80 ( 0.86) 175.45 ( 0.89) 179.24 ( 0.87) 182.41 ( 0.88) 185.48 ( 0.92) 189.30 ( 0.96) 194.11 ( 0.94) 195.75 ( 0.95) 197.64 ( 0.99) 199.34 ( 1.00) 204.28 ( 0.99) 204.19 ( 1.00) 201.64 ( 1.03) 199.46 ( 1.05) 199.90 ( 1.05) 196.75 ( 1.08) 192.13 ( 1.17) 190.22 ( 1.16) 191.41 ( 1.12) 190.61 ( 1.14) 188.79 ( 1.17) 184.02 ( 1.23) 188.05 ( 1.13) 183.75 ( 1.16) 181.24 ( 1.19) 176.40 ( 1.23) 179.53 ( 1.16) 183.19 ( 1.14) 180.30 ( 1.21) 176.90 ( 1.20) 185.16 ( 1.12) 184.82 ( 1.11) 186.57 ( 1.19) 186.66 ( 1.22) 195.11 ( 1.13) 195.38 ( 1.13) 196.81 ( 1.21) 197.03 ( 1.28) 203.52 ( 1.18) 205.17 ( 1.20) 204.55 ( 1.26) 208.89 ( 1.33) 214.34 ( 1.24) 216.61 ( 1.26) 219.53 ( 1.40) 219.97 ( 1.46) 228.89 ( 1.33) 231.72 ( 1.37) 235.27 ( 1.48) 237.60 ( 1.56) 246.39 ( 1.51)

161.18 ( 0.50) 162.41 ( 0.51) 162.89 ( 0.53) 164.75 ( 0.55) 168.53 ( 0.53) 171.04 ( 0.53) 172.67 ( 0.56) 175.32 ( 0.57) 179.18 ( 0.55) 181.91 ( 0.56) 183.67 ( 0.59) 186.01 ( 0.60) 189.91 ( 0.58) 191.00 ( 0.59) 190.44 ( 0.62) 189.18 ( 0.63) 191.48 ( 0.63) 191.89 ( 0.66) 187.68 ( 0.72) 187.03 ( 0.77) 190.37 ( 0.70) 189.75 ( 0.71) 189.09 ( 0.76) 188.40 ( 0.81) 191.99 ( 0.72) 189.96 ( 0.76) 184.90 ( 0.78) 183.93 ( 0.81) 188.18 ( 0.73) 187.22 ( 0.74) 186.63 ( 0.78) 188.42 ( 0.81) 195.18 ( 0.73) 197.26 ( 0.75) 198.30 ( 0.79) 200.42 ( 0.80) 208.54 ( 0.74) 209.88 ( 0.75) 212.67 ( 0.81) 216.64 ( 0.87) 221.93 ( 0.80) 225.53 ( 0.81) 226.56 ( 0.88) 230.84 ( 0.93) 239.30 ( 0.88) 242.02 ( 0.90) 243.04 ( 0.97) 247.46 ( 1.02) 256.29 ( 0.95) 261.39 ( 0.99) 261.98 ( 1.06) 266.10 ( 1.11) 277.42 ( 1.08)

216.24 ( 1.33) 220.58 ( 1.36) 224.37 ( 1.42) 228.70 ( 1.46) 237.42 ( 1.44) 247.63 ( 1.49) 256.93 ( 1.56) 265.37 ( 1.63) 278.03 ( 1.66) 289.95 ( 1.73) 300.63 ( 1.82) 308.64 ( 1.88) 321.43 ( 1.91) 324.12 ( 1.96) 317.06 ( 1.99) 312.65 ( 2.01) 309.82 ( 1.99) 301.31 ( 2.01) 287.37 ( 2.09) 278.26 ( 2.08) 271.94 ( 1.91) 268.82 ( 1.91) 264.49 ( 1.96) 255.54 ( 2.05) 259.62 ( 1.89) 255.07 ( 1.93) 249.42 ( 1.91) 237.05 ( 1.90) 239.68 ( 1.74) 243.03 ( 1.77) 239.16 ( 1.78) 243.75 ( 1.84) 256.22 ( 1.78) 260.15 ( 1.80) 264.17 ( 1.90) 269.51 ( 1.98) 283.81 ( 1.88) 289.09 ( 1.91) 286.26 ( 1.98) 290.48 ( 2.09) 297.91 ( 1.98) 297.42 ( 1.97) 297.15 ( 2.09) 305.34 ( 2.15) 313.33 ( 2.05) 318.65 ( 2.09) 321.17 ( 2.25) 328.67 ( 2.34) 340.91 ( 2.24) 349.63 ( 2.29) 347.64 ( 2.41) 357.89 ( 2.58) 372.24 ( 2.50)

Source: FHFA

78

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

1991 1991 1991 1991 1992 1992 1992 1992 1993 1993 1993 1993 1994 1994 1994 1994 1995 1995 1995 1995 1996 1996 1996 1996 1997 1997 1997 1997 1998 1998 1998 1998 1999 1999 1999 1999 2000 2000 2000 2000 2001 2001 2001 2001 2002 2002 2002 2002 2003 2003 2003 2003 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

100.00 ( . ) 98.92 ( 1.48) 97.85 ( 1.54) 97.57 ( 1.47) 99.16 ( 1.44) 100.18 ( 1.44) 99.18 ( 1.41) 100.53 ( 1.39) 100.72 ( 1.76) 100.43 ( 1.50) 99.82 ( 1.59) 100.85 ( 1.64) 101.08 ( 1.98) 101.68 ( 1.68) 101.48 ( 1.83) 99.64 ( 1.93) 99.14 ( 2.75) 101.64 ( 1.83) 101.05 ( 1.69) 96.79 ( 1.80) 104.27 ( 1.93) 102.90 ( 1.70) 101.25 ( 1.73) 101.86 ( 1.85) 100.78 ( 2.14) 100.69 ( 1.75) 102.46 ( 1.76) 102.58 ( 1.83) 104.05 ( 1.80) 105.22 ( 1.65) 106.10 ( 1.62) 107.52 ( 1.65) 106.21 ( 1.96) 111.33 ( 1.63) 114.58 ( 1.68) 113.86 ( 1.78) 116.49 ( 1.97) 119.86 ( 1.77) 123.72 ( 1.80) 125.75 ( 1.88) 126.04 ( 1.92) 133.47 ( 1.91) 135.08 ( 1.91) 136.60 ( 1.98) 138.99 ( 2.17) 142.98 ( 2.06) 147.67 ( 2.07) 148.00 ( 2.11) 148.81 ( 2.18) 153.14 ( 2.16) 159.83 ( 2.23) 162.58 ( 2.37) 164.94 ( 2.57)

100.00 ( . ) 99.93 ( 0.40) 99.50 ( 0.41) 100.80 ( 0.42) 101.47 ( 0.41) 100.67 ( 0.40) 101.69 ( 0.39) 101.94 ( 0.39) 101.19 ( 0.45) 102.39 ( 0.40) 102.65 ( 0.40) 102.85 ( 0.41) 102.92 ( 0.46) 104.30 ( 0.44) 105.09 ( 0.48) 105.56 ( 0.54) 105.19 ( 0.57) 105.87 ( 0.48) 106.57 ( 0.45) 106.08 ( 0.48) 106.90 ( 0.51) 107.87 ( 0.46) 108.50 ( 0.47) 108.25 ( 0.50) 109.29 ( 0.53) 109.91 ( 0.47) 110.35 ( 0.46) 111.11 ( 0.49) 111.15 ( 0.49) 113.30 ( 0.44) 113.93 ( 0.45) 115.03 ( 0.47) 117.40 ( 0.50) 118.98 ( 0.46) 120.56 ( 0.47) 121.83 ( 0.52) 123.72 ( 0.54) 127.73 ( 0.49) 129.99 ( 0.51) 131.21 ( 0.54) 134.69 ( 0.55) 139.21 ( 0.53) 142.29 ( 0.54) 143.30 ( 0.58) 146.29 ( 0.58) 152.05 ( 0.57) 155.33 ( 0.59) 157.30 ( 0.62) 161.14 ( 0.64) 167.42 ( 0.63) 172.19 ( 0.64) 176.38 ( 0.70) 181.35 ( 0.74)

100.00 ( . ) 101.72 ( 0.37) 102.02 ( 0.38) 103.75 ( 0.37) 103.93 ( 0.37) 105.42 ( 0.37) 107.73 ( 0.38) 108.30 ( 0.37) 108.46 ( 0.41) 110.87 ( 0.39) 112.97 ( 0.40) 114.09 ( 0.41) 115.16 ( 0.44) 118.26 ( 0.44) 119.45 ( 0.47) 119.42 ( 0.51) 120.27 ( 0.54) 120.27 ( 0.47) 120.94 ( 0.47) 120.63 ( 0.48) 121.04 ( 0.48) 123.20 ( 0.45) 123.98 ( 0.47) 123.45 ( 0.49) 124.59 ( 0.49) 127.52 ( 0.48) 130.02 ( 0.48) 130.20 ( 0.49) 132.83 ( 0.50) 137.20 ( 0.48) 138.57 ( 0.49) 139.83 ( 0.51) 141.85 ( 0.53) 145.58 ( 0.52) 146.83 ( 0.53) 148.15 ( 0.57) 150.51 ( 0.59) 152.61 ( 0.55) 154.13 ( 0.55) 154.96 ( 0.58) 157.68 ( 0.58) 160.15 ( 0.56) 162.22 ( 0.57) 162.43 ( 0.60) 165.33 ( 0.62) 168.63 ( 0.60) 169.72 ( 0.60) 172.11 ( 0.61) 174.19 ( 0.64) 178.13 ( 0.62) 181.66 ( 0.63) 184.62 ( 0.68) 189.86 ( 0.71)

100.00 ( . ) 100.86 ( 2.35) 100.19 ( 2.41) 102.55 ( 2.49) 103.74 ( 2.51) 107.60 ( 2.39) 106.60 ( 2.38) 106.62 ( 2.40) 108.43 ( 2.56) 112.63 ( 2.45) 114.31 ( 2.52) 112.74 ( 2.44) 116.73 ( 2.78) 118.20 ( 2.65) 120.15 ( 2.75) 119.98 ( 2.94) 124.02 ( 3.20) 122.57 ( 2.81) 124.88 ( 2.83) 124.91 ( 2.84) 126.81 ( 2.94) 127.03 ( 2.82) 130.04 ( 2.97) 125.66 ( 2.94) 127.28 ( 3.01) 131.46 ( 2.95) 129.75 ( 2.84) 129.81 ( 2.91) 130.07 ( 3.00) 134.77 ( 2.90) 132.84 ( 2.86) 133.65 ( 2.86) 134.45 ( 3.07) 136.59 ( 2.98) 137.07 ( 3.06) 136.24 ( 3.05) 136.19 ( 3.11) 139.17 ( 3.01) 138.72 ( 2.98) 137.26 ( 3.00) 140.31 ( 3.06) 139.51 ( 2.97) 141.47 ( 3.01) 141.62 ( 3.02) 144.87 ( 3.14) 147.05 ( 3.08) 147.07 ( 3.08) 148.53 ( 3.15) 151.13 ( 3.21) 154.79 ( 3.23) 154.77 ( 3.22) 155.60 ( 3.32) 159.49 ( 3.48)

100.00 ( . ) 101.78 ( 0.33) 103.55 ( 0.34) 103.87 ( 0.33) 105.37 ( 0.33) 108.63 ( 0.34) 110.08 ( 0.33) 111.65 ( 0.35) 113.53 ( 0.43) 116.46 ( 0.37) 119.19 ( 0.39) 120.97 ( 0.41) 123.12 ( 0.46) 126.11 ( 0.44) 127.36 ( 0.47) 128.21 ( 0.54) 128.96 ( 0.57) 131.32 ( 0.45) 133.12 ( 0.45) 133.63 ( 0.48) 134.06 ( 0.49) 137.26 ( 0.46) 137.91 ( 0.48) 137.77 ( 0.52) 138.49 ( 0.55) 140.77 ( 0.48) 142.82 ( 0.48) 142.37 ( 0.51) 143.16 ( 0.52) 146.44 ( 0.47) 148.67 ( 0.49) 149.36 ( 0.51) 150.44 ( 0.55) 154.76 ( 0.50) 156.72 ( 0.53) 157.65 ( 0.58) 160.02 ( 0.61) 163.55 ( 0.54) 166.28 ( 0.55) 166.81 ( 0.58) 168.61 ( 0.58) 172.62 ( 0.55) 175.30 ( 0.57) 176.45 ( 0.59) 177.36 ( 0.62) 181.56 ( 0.58) 185.91 ( 0.59) 186.80 ( 0.60) 188.59 ( 0.63) 193.19 ( 0.60) 196.91 ( 0.62) 199.20 ( 0.69) 201.58 ( 0.71)

100.00 ( . ) 103.85 ( 1.74) 105.67 ( 1.73) 105.84 ( 1.81) 106.66 ( 1.64) 108.76 ( 1.66) 110.18 ( 1.66) 113.12 ( 1.71) 112.22 ( 1.82) 115.96 ( 1.75) 120.65 ( 1.81) 123.39 ( 1.87) 127.00 ( 1.97) 129.61 ( 2.01) 133.71 ( 2.06) 134.93 ( 2.16) 136.53 ( 2.21) 140.84 ( 2.18) 141.89 ( 2.18) 144.18 ( 2.21) 144.31 ( 2.27) 146.73 ( 2.25) 148.25 ( 2.32) 146.01 ( 2.36) 146.34 ( 2.43) 150.98 ( 2.34) 151.85 ( 2.36) 150.64 ( 2.39) 152.06 ( 2.41) 154.76 ( 2.35) 157.12 ( 2.41) 154.70 ( 2.46) 156.02 ( 2.48) 158.11 ( 2.47) 161.86 ( 2.51) 161.26 ( 2.61) 162.05 ( 2.60) 166.66 ( 2.60) 166.32 ( 2.60) 169.89 ( 2.71) 168.32 ( 2.65) 173.17 ( 2.62) 176.58 ( 2.66) 180.15 ( 2.75) 183.54 ( 2.86) 188.84 ( 2.86) 191.38 ( 2.89) 193.87 ( 3.03) 193.01 ( 2.99) 201.99 ( 3.03) 208.28 ( 3.12) 208.48 ( 3.23) 215.38 ( 3.31)

Source: FHFA

79

FHFA House Price Indexes: 2017 Q2 Census Division and State indexes: 1991 Q1 = 100 Not Seasonally Adjusted, Purchase-Only HPI Year

Qtr

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017

2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

177.29 ( 2.60) 182.29 ( 2.61) 186.55 ( 2.73) 189.31 ( 3.02) 198.33 ( 2.86) 204.73 ( 2.98) 205.74 ( 3.20) 203.46 ( 3.38) 212.99 ( 3.13) 213.46 ( 3.18) 215.84 ( 3.31) 211.41 ( 3.53) 216.79 ( 3.27) 217.90 ( 3.27) 214.01 ( 3.37) 214.43 ( 3.52) 211.54 ( 3.33) 208.71 ( 3.49) 209.65 ( 3.77) 204.75 ( 3.60) 210.53 ( 3.45) 211.05 ( 3.49) 203.10 ( 3.51) 204.96 ( 4.10) 203.32 ( 3.48) 201.48 ( 3.59) 198.70 ( 3.50) 202.94 ( 4.05) 198.43 ( 3.58) 200.78 ( 3.65) 204.72 ( 3.84) 205.24 ( 4.16) 202.14 ( 3.67) 205.58 ( 3.54) 199.37 ( 3.51) 207.05 ( 4.04) 206.79 ( 3.62) 212.63 ( 3.77) 209.49 ( 4.25) 200.88 ( 4.37) 213.15 ( 4.06) 213.56 ( 4.19) 204.95 ( 4.08) 206.95 ( 4.58) 215.68 ( 3.80) 221.49 ( 4.17) 211.23 ( 4.24) 207.20 ( 4.79) 215.88 ( 4.09) 221.71 ( 4.06) 216.02 ( 4.88) 223.13 ( 5.07) 223.64 ( 4.50)

189.82 ( 0.73) 197.54 ( 0.76) 203.51 ( 0.83) 211.03 ( 0.89) 221.30 ( 0.86) 229.17 ( 0.90) 233.97 ( 0.97) 239.70 ( 1.04) 245.56 ( 0.97) 245.52 ( 0.99) 247.11 ( 1.07) 248.97 ( 1.07) 251.83 ( 1.01) 248.56 ( 1.02) 238.73 ( 1.05) 235.39 ( 1.09) 230.66 ( 1.01) 224.88 ( 1.06) 212.92 ( 1.16) 213.52 ( 1.16) 218.01 ( 1.08) 216.82 ( 1.13) 217.04 ( 1.20) 210.30 ( 1.28) 217.18 ( 1.11) 211.56 ( 1.16) 206.89 ( 1.23) 201.98 ( 1.25) 207.67 ( 1.14) 207.77 ( 1.16) 203.18 ( 1.24) 203.84 ( 1.29) 212.23 ( 1.13) 212.84 ( 1.16) 212.27 ( 1.26) 211.91 ( 1.27) 223.78 ( 1.11) 222.61 ( 1.15) 218.53 ( 1.27) 219.08 ( 1.38) 227.60 ( 1.20) 225.78 ( 1.22) 226.35 ( 1.36) 225.50 ( 1.44) 232.54 ( 1.27) 231.73 ( 1.31) 232.53 ( 1.47) 234.73 ( 1.58) 242.31 ( 1.27) 243.25 ( 1.31) 242.56 ( 1.47) 243.40 ( 1.59) 252.92 ( 1.42)

197.52 ( 0.69) 202.66 ( 0.72) 208.25 ( 0.77) 214.25 ( 0.82) 226.61 ( 0.80) 237.75 ( 0.84) 243.32 ( 0.89) 251.43 ( 0.95) 262.62 ( 0.93) 268.66 ( 0.95) 271.11 ( 1.03) 277.63 ( 1.07) 282.01 ( 1.00) 283.79 ( 1.02) 278.16 ( 1.08) 272.04 ( 1.10) 271.38 ( 1.10) 264.50 ( 1.15) 251.11 ( 1.23) 249.21 ( 1.28) 244.17 ( 1.13) 239.39 ( 1.11) 236.03 ( 1.16) 232.99 ( 1.24) 234.47 ( 1.13) 229.89 ( 1.14) 220.47 ( 1.14) 213.27 ( 1.16) 211.63 ( 1.04) 209.71 ( 1.02) 203.81 ( 1.04) 203.67 ( 1.07) 213.99 ( 1.00) 217.46 ( 1.02) 220.57 ( 1.06) 222.83 ( 1.14) 232.48 ( 1.01) 240.46 ( 1.05) 234.76 ( 1.14) 236.98 ( 1.24) 248.29 ( 1.11) 252.20 ( 1.13) 251.18 ( 1.19) 256.44 ( 1.27) 271.07 ( 1.18) 275.70 ( 1.24) 279.46 ( 1.36) 285.76 ( 1.45) 299.13 ( 1.33) 305.01 ( 1.33) 307.54 ( 1.46) 316.00 ( 1.65) 336.18 ( 1.54)

162.97 ( 3.44) 167.18 ( 3.47) 169.88 ( 3.62) 170.78 ( 3.68) 176.81 ( 3.69) 179.44 ( 3.73) 180.38 ( 3.84) 183.25 ( 3.93) 185.86 ( 3.89) 187.53 ( 3.93) 186.11 ( 3.96) 190.81 ( 4.12) 191.50 ( 3.99) 194.98 ( 4.12) 192.15 ( 4.17) 190.12 ( 4.22) 193.70 ( 4.18) 190.43 ( 4.33) 189.63 ( 4.49) 184.34 ( 4.60) 190.80 ( 4.33) 187.08 ( 4.32) 185.18 ( 4.35) 184.99 ( 4.71) 187.37 ( 4.44) 191.11 ( 4.62) 187.85 ( 4.63) 184.28 ( 5.09) 181.71 ( 4.42) 187.38 ( 4.51) 185.07 ( 4.56) 190.73 ( 5.22) 187.59 ( 4.58) 190.44 ( 4.68) 195.92 ( 4.81) 192.73 ( 4.84) 193.84 ( 4.62) 197.11 ( 4.71) 194.49 ( 4.85) 203.10 ( 5.66) 203.00 ( 4.99) 207.05 ( 5.10) 202.85 ( 5.17) 195.83 ( 5.95) 209.77 ( 5.48) 207.61 ( 5.34) 214.70 ( 5.78) 204.15 ( 5.96) 214.34 ( 5.43) 211.37 ( 5.36) 213.11 ( 5.79) 206.83 ( 5.82) 212.01 ( 5.73)

206.52 ( 0.66) 211.66 ( 0.69) 212.73 ( 0.74) 212.51 ( 0.77) 219.84 ( 0.72) 222.99 ( 0.73) 222.63 ( 0.79) 223.62 ( 0.82) 227.39 ( 0.75) 228.48 ( 0.76) 226.09 ( 0.81) 225.39 ( 0.83) 229.54 ( 0.75) 228.44 ( 0.76) 223.92 ( 0.81) 221.85 ( 0.81) 222.47 ( 0.79) 219.96 ( 0.81) 215.01 ( 0.87) 216.69 ( 0.81) 215.78 ( 0.76) 212.84 ( 0.79) 209.44 ( 0.83) 204.28 ( 0.90) 207.95 ( 0.76) 206.83 ( 0.80) 205.17 ( 0.83) 194.80 ( 0.93) 198.22 ( 0.80) 199.62 ( 0.77) 197.12 ( 0.81) 194.12 ( 0.82) 198.78 ( 0.74) 200.92 ( 0.75) 197.67 ( 0.78) 197.13 ( 0.82) 206.57 ( 0.75) 209.14 ( 0.78) 206.72 ( 0.87) 203.50 ( 0.94) 212.23 ( 0.80) 214.05 ( 0.81) 213.54 ( 0.91) 214.33 ( 0.94) 220.91 ( 0.81) 222.29 ( 0.84) 222.32 ( 0.93) 224.16 ( 1.00) 232.49 ( 0.86) 235.03 ( 0.89) 235.27 ( 0.99) 237.32 ( 1.11) 246.84 ( 0.97)

220.33 ( 3.32) 227.08 ( 3.41) 228.38 ( 3.51) 235.22 ( 3.63) 242.19 ( 3.65) 253.02 ( 3.79) 258.01 ( 3.93) 266.92 ( 4.10) 273.48 ( 4.10) 281.49 ( 4.23) 291.13 ( 4.49) 294.43 ( 4.55) 302.54 ( 4.56) 309.35 ( 4.65) 300.77 ( 4.69) 302.98 ( 4.77) 303.18 ( 4.78) 304.09 ( 4.87) 300.44 ( 5.29) 286.41 ( 5.16) 294.94 ( 4.92) 292.55 ( 4.95) 282.95 ( 4.95) 281.43 ( 5.32) 285.41 ( 4.84) 280.76 ( 4.84) 277.00 ( 4.91) 279.89 ( 5.14) 284.15 ( 4.74) 286.68 ( 4.82) 276.88 ( 4.89) 279.26 ( 5.06) 289.37 ( 4.83) 297.68 ( 4.94) 294.38 ( 5.06) 286.02 ( 5.00) 299.54 ( 4.92) 305.42 ( 4.97) 300.16 ( 5.19) 309.05 ( 5.64) 309.73 ( 5.07) 311.97 ( 5.03) 312.39 ( 5.39) 319.03 ( 5.68) 318.93 ( 5.33) 326.08 ( 5.45) 324.48 ( 5.68) 323.55 ( 5.93) 327.43 ( 5.47) 329.66 ( 5.72) 323.65 ( 5.96) 328.74 ( 6.38) 330.49 ( 5.79)

Source: FHFA

80

2017 Q2 Volatility Parameter Estimates Not Seasonally Adjusted, Purchase-Only HPI

Division/State

A Parameter*

B Parameter*

Annualized Volatility Estimate (Four Quarter)

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota

0.0014119036 0.0009123214 0.0016877400 0.0011440647 0.0015627329 0.0015762349 0.0013329036 0.0013185788 0.0024515316 0.0019026383 0.0016692839 0.0022596662 0.0018271116 0.0014275766 0.0015866226 0.0011647007 0.0011644920 0.0010578388 0.0013790554 0.0017668836 0.0014349912 0.0014426125 0.0017108264 0.0013680521 0.0014767315 0.0013922604 0.0015418446 0.0010507805 0.0011924587 0.0013974541 0.0015804848 0.0012485362 0.0022609232 0.0016304938 0.0012345599 0.0013705620 0.0014910928 0.0015855127 0.0016488497 0.0013449763 0.0016307672 0.0010054449

-0.0000007896 -0.0000044741 -0.0000059435 0.0000013786 -0.0000040243 -0.0000044785 -0.0000035844 -0.0000053037 -0.0000102968 -0.0000032137 0.0000021292 -0.0000114367 -0.0000080870 0.0000007766 -0.0000048676 -0.0000037193 -0.0000021497 -0.0000013576 -0.0000026442 -0.0000081416 -0.0000045169 -0.0000054236 -0.0000060094 -0.0000029465 -0.0000055612 -0.0000007622 -0.0000061276 -0.0000021512 -0.0000049085 -0.0000071860 -0.0000047730 -0.0000039622 -0.0000020737 -0.0000017297 -0.0000055165 -0.0000024606 -0.0000056147 -0.0000041453 -0.0000019929 -0.0000046503 -0.0000001172 -0.0000015746

0.0750665094 0.0598138820 0.0815834757 0.0678108862 0.0786545819 0.0789511475 0.0726241324 0.0720378794 0.0981905153 0.0869432838 0.0819219279 0.0941046104 0.0847292990 0.0756487447 0.0791745442 0.0678180992 0.0679968575 0.0648816820 0.0739859036 0.0832902660 0.0752840899 0.0753901307 0.0821410691 0.0736550357 0.0762754680 0.0745442555 0.0779059507 0.0645654875 0.0684930549 0.0739921605 0.0790289257 0.0702192905 0.0949237259 0.0805872173 0.0696417703 0.0737758722 0.0766455190 0.0792194810 0.0810155076 0.0728388630 0.0807539116 0.0632185564

81

2017 Q2 Volatility Parameter Estimates Not Seasonally Adjusted, Purchase-Only HPI

Division/State

A Parameter*

B Parameter*

Annualized Volatility Estimate (Four Quarter)

Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

0.0013829930 0.0017591203 0.0010725494 0.0014297192 0.0013623117 0.0013300958 0.0020290570 0.0012610907 0.0014232729

-0.0000000664 -0.0000019613 -0.0000031524 -0.0000061924 -0.0000027751 -0.0000000623 -0.0000093916 -0.0000029856 -0.0000067315

0.0743700829 0.0836964742 0.0651134292 0.0749653119 0.0735176570 0.0729341265 0.0892522394 0.0706865880 0.0747354512

*For details on how these values are constructed and information on what they represent, see https://www.fhfa.gov/PolicyProgramsResearch/Research/Pages/HPI-Technical-Description.aspx.

Source: FHFA

82